Format of Financial Statements (Grade 10 NSC Matric Accounting): Flashcards

$A = OE + L$

Resources owned by the business

What the business owes

Current: <12 months; Non-current: >12 months

Cost price - Accumulated depreciation

Sales - Cost of sales

Separates operating performance from financing activities

Assets taken by owner for personal use

Current asset (represents future benefit)

Current liability (obligation owed to customer)