会计英语学生.pdfVIP

assets economic resources that are owned or controlled by a business fixed assets long-term or long-lived items luding land, buildings, equipment, furniture etc current assets short-term resources, cash, bank deposits, money due from customers and inventory intangible assets also long-lived resources, they have no physical form, luding patents, copyrights, franchises etc liabilities money a business owes to other people or businesses such as rs or banks current liabilities money a business has to pay within one year luding money due to rs, ernment and workers long-term liabilities money owed to banks and others a business has to pay in more than one year e.g. a mortgage owner’s equity assets – liabilities = th asset value. capital Th asset value of a business owned by one . revenue money received by a business for the sale of goods or services expense money paid by a business to buy goods or services and to reward workers profit money that remains af ll the costs have been paid. Opposite = loss. e statement a report which shows the revenue and expenses, the profit or loss for a period. balance sheet report that shows the assets, liabilities and capital, all money ertain time cash flow statement a report which shows where the all money