Cash and Cash Equivalents - The term for all finance/cash that the business has at the time. Include cash in hand and cash in bank., Current Assets - Items that are owned by the business for less than a year. The value changes day-to-day and can be converted for cash., Current Liabilities - These are the debts that the business currently has which are due to be paid on a short-term basis/within a year., Depreciation - The term for the reduction of the value of a Non-Current Asset over time. This can be due to use, wear & tear or obsolescence., Drawings - The amount of finance/equity that the owner(s) of the business have removed from the fund for their own personal use. Can be cash or inventory., Equity - The money or other assets that have been provided by the owner(s) of the business to establish it and run it., Net Assets - The total value of the finance used within the organisation. Calculated by: Net Assets Employed – Non-Current Liabilities., Netbook Value (NBV) - The current value of a Non-Current Asset at the accounting period. Calculated as Cost – Accumulated Depreciation., Non-Current Assets - Items which are owned by the business and will be retained for a period longer than one year. Not purchased for resale., Non-Current Liabilities - These are the long-term debts that the business will take a significant period to repay – usually a number of years., Trade Payables - Individuals or other businesses, eg suppliers who are owed money by the business, Trade Receivables - Individuals or other businesses, eg customers, who owe our business.,

Statement of Financial Position #1

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