Which principles do these sentences refer to?
1. This accords with a company’s legal status as an artificial person.
2. This implies that the current market value of fixed assets is irrelevant, as they are not for sale.
3. This makes it unnecessary to estimate current market values every year.
4. This means that each company has its own financial year (US: fiscal year).
5. This requires multinational companies to convert their consolidated statements into a single currency.
6. This is why balance sheets often contain an entry for debtors: goods that have been sold, but are not paid for.
1.11. Match these accounting terms with the definitions below:
current or circulatingorfloating assets
fixed or capital or permanent assets
Intangible assets
liquidoravailable assets
Net assets
net current assets orworking capital
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