rads decks

business vocab

7 cards·by radlowry

Meaning of Trade receivables

Debtors - people who owe the business money

Meaning of Trade payables

Creditors - people who you owe money to

Meaning of Inventories

Stock - raw materials, part finished and finished goods

Meaning current asset

Something you own that you are not going to keep for longer than 1 year

Meaning of Fixed Asset

Something you own that you are going to keep

Meaning of Statement of Financial Position

Balance sheet - lists what you OWN what you OWE and how it is financed

Meaning of Income statement

Profit and Loss account - shows what your income and costs were so that Profit or Loss has been made