Non-current assets - assets used for more than 1 year e.g machinery, Current assets - Assets which can be quickly exchanged for cash, Non-current liabilities - Liabilities which are borrowed for a long time e.g bank loan, Current liabilities - Liabilities which must be paid for within a year e.g. trade payables, Equity - Money invested by the owners e.g capital and net profit, Drawings - Amounts withdrawn by the owner/s for their own personal use., Total assets - Non-current assets plus current assets,

Statement of financial position

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