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6 Cards in this Set
- Front
- Back
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Assets |
Assets are resources held by a business that have certain characteristics, such as the ability to provide future benefits |
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Claims |
A claim is an obligation of the business to provide cash or some other benefits to outside parties |
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Equity |
This represents the claim of the owners against the business. This claim is sometimes referred to as the owner's capital. In the case of a limited company, it comprises the sum of shares and reserves |
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Liabilities |
Liabilities represent the claims of all individuals and organisations, apart from the owner(s), that have arisen from past transactions or events, such as supplying goods or lending money to the business |
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Intangible Assets |
Assets that have no physical substances but which, nevertheless, provide expected future benefits (such as patents, goodwill and trade receivables) |
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Tangible Asset |
Assets that have a physical substance and can be touched (such as inventories, plants, machinery, motor vehicles) |
