Key Terms
- Assets (Actif): Resources owned by a business with economic value
- Balance Sheet (Bilan): Financial statement showing assets, liabilities, and equity at a point in time
- Current Assets (Actif Circulant): Assets expected to be converted to cash or used within one year
- Current Liabilities (Passif Circulant): Obligations due within one year
- Equity (Capitaux Propres): Owner's interest in the business (Assets - Liabilities)
- Expenses (Charges): Decreases in equity from business operations
- Income Statement (Compte de RĂ©sultat): Financial statement showing revenues, expenses, and net income over a period
- Liabilities (Passif): Obligations owed by a business
- Net Income (RĂ©sultat Net): Revenue minus expenses (profit)
- Net Loss (Perte): When expenses exceed revenue
- Noncurrent Assets (Immobilisations): Long-term assets not expected to be converted to cash within one year
- Noncurrent Liabilities (Passif Non Circulant): Long-term obligations due after one year
- Plan Comptable Normalisé (PCN): Luxembourg's standardized chart of accounts
- Revenue (Produits/Chiffre d'Affaires): Increases in equity from business operations
- SARL (Société à Responsabilité Limitée): Private limited company, most common Luxembourg SME form
- SA (Société Anonyme): Public limited company
- Statement of Cash Flows (Tableau des Flux de Trésorerie): Financial statement showing cash inflows and outflows
- Statement of Owner's Equity (État des Variations des Capitaux Propres): Financial statement showing changes in equity