Stock held for use in the production process or for resale.

30px; font-size: 18px;">Account Payable: an amount due for payment to a supplier, also known as a trade creditor.

an amount due from a customer which can be also described as a trade debtor

The effects of transactions are recognised when they occur rather than when they are received and paid. They are recorded in the accounts and reported in the periods which the occur.

The ratio of liquid assets to current liabilities.

Rights/access to future economic benefits controlled by an entity.

The independent examination of financial statements of an organisation resulting in a expressed opinion or view of the statements.

It is known that a debtor is unable to pay the amount due.

A statement of the financial position of an entity showing assets, liabilities and ownership interest.

Another name for loan finance, more commonly used in the U.S.