(13) The Balance Sheet 3: Liabilities
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10 terms
Terms | Definitions |
|---|---|
 long-term liabilities / non-current liabilities | liabilities expected to be paid in a time >1 year, includes bonds with a maturity date >1 year |
| current liabilities | liabilities expected to be paid within 1 year of the balance sheet date |
| creditors | largely suppliers of goods or services to the business who are not paid at the time of purchase |
| deferred taxes | money that will have to be paid as tax in the future, although payment does not have to be made now |
| accrued expenses | expenses that have accumulated or built up during the accounting year but will not paid until the following year |
| share premium / paid-in surplus | money made if the company sells shares above their face value |
| face value | the value written on the bond or share |
| reserves | funds set aside from share capital and earnings, retained for emergencies or other future needs |
| Current Liabilities on the balance sheet includes: | creditors, planned dividends, deferred taxes |
| Shareholders' Equity on the balance sheet includes: | the original share capital, share premium, retained earnings, reserves |
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