business mid year quiz

what are assets? (mem)

• assets are what business owes to to parties outside the business

• assets are what business owns

• asset Is the amount invested but the owner in the business

• asset is what the business owes to the owner

what are assets? (no period, but full sentence)

what is a non-current asset? (mem)

• assets which can be easily converted to cash or used within 1 year

• assets bought for use in the business for more than 1 year

what is a non-current asset?

Answer explanation

answer: these are the assets bought for use in the business for more than 1 year

what is current asset? (mem)

• assets bought for use in the business for more than 1 year

• assets which can be easily converted to cash or used with 1 year

what are current assets?

Answer explanation

answer: these are the assets which can be easily converted to cash or used within 1 year

what are liabilities? (mem)

• they are what business owns

• they are what business owes to parties(people) outside the business

• the amount invested by the owner in the business

• what the business owes to the owner

what is Owner's Equity/Capital? (mem)

• they are what business owns

• they are what business owes to parties(people) outside the business

• the amount invested by the owner in the business

• what the business owes to the owner

what are liabilities?

Answer explanation

liabilities are what business owes to parties(people) outside the business

What are non-current liabilities

• debts which business takes more than one year to repay back

• debts which business has to repay back within one year