Summary
Summary Business Statement of Financial Position
- Module
- Institution
- Book
Typed out summary of section 5 statement of financial position. it has examples explaining the section as well as colour
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Grade 11 marketing (chapter 11)
-
Business Studies IGCSE/O Level - Full course summary
-
all answers to exam style questions of business book igcse
Seller
Follow
isalydiafaria
Content preview
Business igsce (0450)Section 5 Statement of financial position
Þ Business owners may be interested to know how much
their business is worth – this along with other details is
given on the statement of financial position
Þ Different to income statement
Þ Income statement records the income and expenses of a
business as well as the profit or loss it has made in a year
Þ The statement of financial position records the value or
worth of the business usually at the end of a financial year
Þ They list and give value to all the assets and liabilities of
the business
Assets
Are items of value owned by the business
Land, buildings, equipment etc. are examples of non-current or
fixed assets – these last more than a year
Most fixed assets apart from land depreciate (their value falls
over time)
Intangible assets do not physically exist but have value for
example brand names
Cash, stock etc. are held for short periods of time – current
assets
Liabilities
Are items owned by the business
Non-current liabilities are long term loans that do not have to be
repaid within a year
Current Liabilities are amounts owed by the business which
must be repaid within a year
Total assets – Total liabilities = owners’ equity
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller isalydiafaria. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £3.41. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now