IGCSE Business Studies Key Terms 22

resources that are owned by a business

the amount owed by the business to its owners; includes capital and retained profits

alternative term for owners equity but can only be used by limited liability companies

amount owed to a business by its customers who bought goods on credit

resources that a business owns and expects to use for more than one year

the amount a business owes to its suppliers for goods bought on credit

resources that the business owns & expect to convert into cash before the next balance sheet

debts of the business which will be payable after more than one year

debts of the business that will have to be paid sometime in the future

accounting statement recording assets, liabilities & equity of a business at a particular date

debt of the business which it expects to pay before the date of the next balance sheet