Fixed Assets - assets which a company owns that have a long-term value, Capital Expenditure - the phrase used when a company buys Fixed Assets, Freehold Premises - a building (or a number of buildings) that are owned by a company, Premises - the buildings and land used by a business, Plant and Equipment - machines (or machinery) owned by a company, Fixtures and Fittings - a term used to show assets owned by a firm which are attached to a building, Current Assets - assets owned by the company that have value, but will only stay in existence for a short period of time, Accounts Receivable - the money owed to a business by its customers., ledger - a book which records accounting entries, Aged Report - shows the age of each debt, Inventory - all the things purchased by a company which it is going to sell (or use to make things to sell), which it has not yet used, Prepayments - when a company pays for something, but doesn’t use it for a while,

Balance sheet terms (1)

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