Balance Sheet is Assets minus Liabilities = Your WORTH Assets: What you Own Minus Liabilities: What you Owe Equals your Worth: The business worth “as at a point in time”. Current means it can be converted to cash within 1 Year or less Current assets: Are assets that can be converted into cash fast with in 1 year or less. Assets: Short term Can be converted into cash quickly if required. This is sometimes known as the pile of cash. It is the cash
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