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Unit 22 Balance sheets

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  • Trade payables
    money owed by the business to its suppliers for products bought on credit
  • Shareholder’s equity
    money owed by the business to its shareholders
  • What is another name for "net current assets"
    Working capital
  • Current liabilities
    short term debts (trade payables, bank overdraft...)
  • Balance sheet / statement of financial position
    record of all assets and liabilities at a particular date
  • Current assets
    short term resources owned by a business
  • Non-current liabilities
    long term debts (bank loan, debenture, mortgage...)
  • Owner’s equity
    money owed by the business to its owners (including capital and retained profits)
  • Non-current assets
    long term resources owned by a business
  • Trade receivables
    money owed to the business by customers who bought products on credit
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