Balance Sheets

3. The amount of the owners' money that is invested in the company at the time of the balance sheet.
4. The money held by the business in its bank accounts or in the tills.
7. A debt where the bank has allowed the business to borrow more than they have in their account.
9. A debt which will not be payable until after the next accounting period (these will take longer than 12 months to pay off).
13. An intangible asset which comes into existence if a business pays more when buying another business than the value of its assets. It is paid because they feel the business is worth more - because of reputation, brand, quality of staff, customer base etc.
16. A thing of value which can or will become cash before the end of the next accounting period, usually 12 months.
17. A thing of monetary value which the business owns. Can be tangible or intangible.

1. A thing of value which are not usually sold and have use beyond a single accounting period.
2. Money the business has made in the past which has been used to fund assets. These technically belong to the owner.
5. The money customers/debtors owe to the business.
6. A long-term loan secured by real estate.
8. The amount of money the owners have invested in the business minus the amount they have withdrawn from it. This is one of the two categories of sources of funds for assets.
10. A debt which will fall due during the next accounting period, within 12 months.
11. The money the business owes to suppliers or creditors which must be repaid within the next accounting period.
12. Things of value which are not physical. Includes patents, trademarks and copyrights (and goodwill if the business has just been sold).
14. The amount of money the owners' have withdrawn from the business for personal use at the time of the balance sheet.
15. Goods held by the business, either in finished or unfinished form.