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7 Cards in this Set
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- Back
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Define asset |
A resource owned by a business that are expected to provide future benefits |
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Define liability |
An obligation or debt owned a business to an external parties that are expected to be settled in the future |
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Define Equity |
Refers to the claims of the owner on the net assets of the business |
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Current asset |
Resources owned by a business which are easily converted into cash within one accounting period |
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Non current asset |
Resources owned by the business that are expected to provide future benefits for more than one accounting period and cannot be easily converted into cash |
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Current liability |
An obligation or debt owned by the business that is expected to be settled in within one accounting period |
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Non current liability |
An obligation or debt owned by a business that is expected to be settled in more than one accounting period |
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