Non-Current Assets - Something the business owns and depends on to operate. It has a degree of permanence., Current Assets - Something owned by the business and that can be turned into cash in the short term., Inventory - This is the value of the inventory held on the date in question, including raw materials, work in progress and any unsold finished items., Trade Receivables - These are people that owe you money, usually customers who still need to pay their bill., Current Liabilities - Something the business owes money for in the short term, ie a debt that needs to be paid within the next year., Trade Payables - This is people you owe money to, usually suppliers that you still need to pay for goods received., Working Equity - Shows the amount of readily available cash a business has access to. Used to see the ability of the business to pay its short-term debts. Calculated by Current Assets – Current Liabilities., Non-Current Liabilities - Debts of the business that are not due to be paid in the next twelve months,

Statement of Financial Position Terms

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