Statement of comprehensive income

• What are non-current assets?

  Assets that are not intended to be converted into cash in the short term
• What are current liabilities?

  Short-term debts
• Examples of current liabilities?

  • Bank overdraft
  • Trade payables
  • Accruals
• What is an accrual?

  Stock, assets and other items that have been received from a supplier but invoices have not been received or not due yet.
• What do net current assets and liabilities tell us?

  Current assets - current liabilities - If its positive business has money to cover liabilities, If negative there is no money to cover liabilities
• What are non-current liabilities?

  Those that are due after more than a year
• What are net assets?

  Net assets are the total value of an organisation's assets minus its liabilities.