Accounting

Definition of Current Assets (can be more than one answer)

• Resources that can be sold or consumed through the normal workings of a business with no more than a year remaining on the date of the statement of financial position in which they are listed.

• Those debts that must be paid within a year from the date of the statement of financial position.

• Short-term resources owned by the business where the amount is constantly changing.

• Resources that a business owns with the sole purpose of generating profit.

Which is/are Current Assets? (can be more than one answer)

• Cash

• Bank (Overdraft)

• Credit Supplier

• Capital

Definition of Non-Current Assets (can be more than one answer)

• Debts that do not need to be paid within a year from the date of statement of financial position.

• Resources that undergo depreciation due to economical reasons, deterioration, and wear & tear.

• Resources the business owned to generate profit, with no resale purpose.

• Resources that business has purchased with the intention of using them for over a year.

Which is/are Non-Current Assets? (can be more than one answer)

• Plants and Machinery

• Drawings

• Premises and Buildings

• Mortgage

Definition of Non-Current Liabilites (can be more than one answer)

• Resources that the business owed to the owner.

• Those debts that do not need to be paid within a year from the date of the statement of financial position.

• The amount owed by a business which due of repayment is a financial year or more

• Money owed to the bank by a business.

Which is/are Non-Current Liabilities (can be more than one answer)

• Bank Loan

• Trade Receivable

• Mortgage

• Bank (Overdraft)

Definition of Current Liabilities (can be more than one answer)

• The amount owed by the business, which due to repayments is less than 12 months.

• Long-term debts of a company.

• Resources that a business owned for resale purpose.

• Obligations that a company needs to settle within a year.

What is/are Current Liabilities (can be more than one answer)

• Bank (overdraft)

• Trade Receivables

• Trade Payables

• Mortgage

Motor Vehicles

• Current Liabilities

• Non-Current Assets

• Owner's Equity

• Current Assets

Inventory

• Current Assets

• Current Liabilities

• Owner's Equity

• Non-Current Assets