Assistant Accountant Question: Download Questions PDF
Tell me what are the important terms used in balance sheet?
Answer:
Assets:
☛ Current assets and fixed assets
☛ Tangible assets and Intangible assets
Equity is a claim which can be enforced against the assets of the firm in the court. Thus equity refers to a claim held by:
☛ An owner only,
☛ A creditor only,
☛ An owner and the creditor both.
Liability:
☛ Current Liability
☛ Long term Liability or fixed Liabilities
☛ Contingent Liabilities
☛ Current assets and fixed assets
☛ Tangible assets and Intangible assets
Equity is a claim which can be enforced against the assets of the firm in the court. Thus equity refers to a claim held by:
☛ An owner only,
☛ A creditor only,
☛ An owner and the creditor both.
Liability:
☛ Current Liability
☛ Long term Liability or fixed Liabilities
☛ Contingent Liabilities
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