Higher Accounting - Statement of Fin Position Terminology

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Items owned by the business and which will remain in the business for more than one year. These items are often reduced in value to take account of depreciation.

• Current assets

• Current liabilities

• Non-current assets

• Inventory

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Assets of the business that are not physical in nature. You can see or touch assets such as machinery or equipment, but you cannot see or touch goodwill or preliminary expenses.

• Intangible assets

• Non-current assets

• Current assets

• Intangible liabilities

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Owned by the business which will be kept for less than one year. Their value changes day to day.

• Non-current asset

• Current asset

• Non-current liability

• Current liability

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Debts paid back within one year (e.g. trade payables for goods purchased)

• Non-current liabilities

• Current assets

• Current liabilities

• Non-current assets

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Simply CURRENT ASSETS - CURRENT LIABILITIES

• Working equity

• Non-current assets

• Cost of sales

• Gross profit

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Long-term debts that the business will take more than one year to pay off. Large bank loans, debentures and mortgages will be repaid over a number of years

• Current assets

• Current liabilities

• Non-current liabilities

• Non-current assets

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The money provided by the owner(s) of the business to start and run it

• Equity

• Gross profit

• Non-current assets

• Other income

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Amounts of money set aside out of profits for particular purposes. They may include money from revaluation of property

• Reserves

• Equity

• Unappropriated profit

• Gross profit

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This is the difference between the selling price and the face (nominal) value of shares. Kept as a reserve.

• Share bonus

• Bonus issue

• Share premium

• Inventory