Balanace Sheet

Balanace Sheet

By Lloyd Lombardi

Anything that a business OWNS.​

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Buildings, land, stock & debtors are some examples​

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Asset

Anything that a business OWES.​

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Wages owed, loans and ​creditors are examples.

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Liabilities

Multiple Choice

What is an asset?

• Something a business owes.

• Something a business owns.

Multiple Choice

What is an liability?

• Something a business owes.

• Something a business owns.

Multiple Choice

When a business owes a creditor money, this is an example of what?

• An asset

• A liability

Multiple Choice

A building is an example of what?

• An asset

• A liability

This is a long-term asset that a business owns.

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​Fixed asset = land + buildings + machinery + vehicles

Fixed Asset

Multiple Choice

A fixed asset is....

• Short-term assets

• Long-term assets

• Short-term liabilities

• Long-term liabilities

Multiple Choice

A business owns a building (100,000aed), land (50,000aed) and a vehicle (30,000aed).

What are its fixed assets?

• 100,000aed

• 50,000aed

• 30,000aed

• 180,000aed

Open Ended

Write down an example of a fixed asset

This is a short-term asset that a business owns.

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​Current asset = cash + debtors + stock

Current Asset

Multiple Choice

A current asset is....

• Short-term assets

• Long-term assets

• Short-term liabilities

• Long-term liabilities

Multiple Choice

A business has stock worth 20,000aed, it is owed 10,000aed by debtors, and it has 10,000aed in the bank.

What are its current assets?

• 10,000aed

• 20,000aed

• 30,000aed

• 40,000aed

Multiple Choice

Someone who OWES a business money is called what?

• Creditor

• Debtor