| A | B |
|---|
| Assets | what is owned, for instance, by business |
| Balance sheet | where the assets and liabilities are recorded |
| Creditors | businesses/people/government to which the business owes money |
| Current assets | liquid assets of the business |
| Current liabilities | what the business owes and will have to pay within the next 12 months |
| Debtors | people, which owe the business money |
| Fixed assets | what is owned by the business which it uses over a long period of time such as buildings |
| Liabilities | for a business, the monetary value of what it owes, for instance, to other businesses |
| Liquid assets | assets which can be easily turned into cash |
| Working capital | Current assets minus current liabilities |
| Tangible assets | assets which exist in a physical sense such as buildings |
| Long term liability | what the business owes and will have to pay back in more than twelve months |
