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Accounts lecture 1 - 15^th October 2007

Capital – The owner’s share in the business.

Assets = Liabilities + capital (transposition).

Capital = Assets – Liabilities

Debtors – People who owe us money.

Creditors = People we owe money to.

Assets

Assets categorised:

1. Non-current (fixed);

2. Current e.g. Inventories (stock), debtors, cash in hand, cash at bank.

Non-Current assets categorised:

1. Intangible – cannot be seen or touched e.g. Goodwill, brands, patents;

2. Tangible e.g. Land, buildings, machinery;

3. Financial e.g. Investments.

Liabilities

Liabilities categorised:

1. Long term liabilities – Creditors falling due after more than 1 year;

2. Provisions – Estimates of amounts that may become due;

3. Current Liabilities – Creditors falling due within 1 year.

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