Asset - Item owned by the business and used to help make revenue, Liability - Borrowed in the past and have to use profit to repay in the future, Equity - The owners share of the business, Current Asset - Owned by the business and changes within the financial year, Non Current Asset - Business owns and will have for over a year, Drawings - What the owner takes from the business, As At - meaning a snap shot one day, Statement financial Position - Shows the businesses Assets, liabilities and equity, Investment - Assets invested in another company, Property plant and equipment - Physical assets that the business keeps for more than year, Goodwill - Reputation of the business, Inventory - Product in the business for resale, Mortgage - Is a non-current liability, Accounts Recievable - Money owed to the business by debtors for goods bought on credit, Accounts Payable - Business owes to outside stakeholders for purchases on credit,

Accounting terms

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