Balance Sheet Greg Grange

Assets Current Assets Current Assets  Definition: A resource controlled by the entity as a result of past events from which a future economic benefit is expected to flow to the entity in the next 12 months.  Examples: Cash at Bank, Stock

Assets Non Current Assets Non Current Assets  Definition: A resource controlled by the entity as a result of past events from which a future economic benefit is expected to flow to the entity for more than 12 months.  Examples: Motor Vehicles, Office Equipment

Liabilities Current Liabilities Current Liabilities  Definition: A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits in the next 12 months.  Examples: Bank Overdraft, Creditors

Liabilities Non Current Liabilities Non Current Liabilities  Definition: A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits in more than 12 months.  Examples: Mortgage, Long term loan

Owner’s Equity  Definition: The residual interest in the assets of the entity after the deduction of its liabilities  Examples: Capital, Drawings