Balance Sheets (AQA A-Level Business): Flashcards

Financial snapshot of business finances at a point in time

Current assets - current liabilities

Assets kept for more than a year

Assets exchanged for cash within the accounting year

Drop in value of a business asset over time

Debts paid off within a year

Net assets always equals total equity

Debts that debtors won't ever pay

Record at lower of cost or net realisable value

Money used to buy non-current assets