H2 2.01 Financial Records

– things of tangible value that a person owns

• assets

• liabilities

• net worth

• gross income

Items quickly converted to cash or that will be sold within 12 months

• current assets

• non-current assets

• current liabilities

• non-current liabilities

– items that have a useful life of more than one year

• current assets

• non-current assets

• current liabilities

• non-current liabilities

current assets + non-current assets =

• total assets

• net worth

• inventory

• value

debts a company owes

• assets

• liabilities

• net worth

• inventory

debts that are due to be paid this year

• current assets

• non-current assets

• current liabilities

• non-current liabilities

debts not due this year

• current assets

• non-current assets

• current liabilities

• non-current liabilities

current liabilities + non-current liabilities =

• current assets

• total assets

• current liabilities

• total liabilities

total assets minus total liabilities =

• total assets

• inventory

• total liabilities

• net worth

an itemized list of things owned by a business with the beginning value and depreciated value

• inventory

• assets

• liabilities

• net worth