WorksheetsHigher Accounting - Statement of Fin Position Terminology
Total questions: 9
Worksheet time: 5mins
Find the term to match the meaning below:
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
