Things which a company owns that have a long-term value. Examples are buildings, motor vehicles, and machines.

_____ is where a company has a negative amount of money in its bank account. Usually, this is agreed with the bank in advance and there is a limit to the amount. This overdraft is a Current Liability.

Everything that a company owns. This might include cars, money, buildings and machines.

Money which a company owes to another company or person

______________ means a building (or a number of buildings) that are owned by a company.

These are often shown in a shorter form as Dr. and Cr. They are the two sides used in Double Entry.

A Financial Statement which shows all the company’s sales and all of its costs, for a period of time.

Choose the correct synonym of: Profit & Loss

On that basis, it is possible that ____________ have been overstated in the annual accounts.

Financial Statement which lists all the assets and all the liabilities of a company on one particular day, which is very often 31st December. It’s like a photograph because it’s at one moment in time.

_____ is shown in the Income Statement as the calculation of Sales minus Cost of Sales. Clearly, every business needs its Sales to be greater than its Cost of Sales.

Choose the correct synonym of: Non-Current Assets

A _______________ is when a company pays for something, but doesn’t use it for a while. Because it doesn’t use it, it keeps its value and so it is a Current Asset.