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Accounting C213

WGU accounting for managers

QuestionAnswer
a listing of an organization's assets and of its liabilities at a certain time balance sheet
difference between assets and liabilities equity
The balance sheet is an expression of the basic accounting equation: Assets = Liabilities + Owners' Equity
A balance sheet can be used to evaluate a company's financial position by comparing the company's resources with its obligations
cash, accounts receivable, and inventory current assets
includes coins and currency as well as the balances in company checking and savings accounts cash
are amounts owed to a business by its credit customers and are usually collected in cash within 10 to 60 days accounts receivable
the name given to goods held for sale in the normal course of business inventory
payments in advance for business expenses prepaid expenses
are usually composed of publicly traded stocks and bonds investment securities
If a company intends to sell its investment securities within a year, the securities are classified as current assets
Companies make long-term investments to earn income and/or to exercise influence on the companies in which they invest.
property, plant, and equipment land, buildings, machinery, tools, furniture, fixtures, and vehicles used by a company in conducting its business activities
intangible assets agreements, contracts, or rights that provide economic benefits to a company by permitting the use of a certain production process, trade name, or similar item
obligations expected to be paid within one year, the most common being accounts payable. current liabilities
the flip side of accounts receivable—when one company sells on credit, creating for itself an account recieveable
Created by: nashanta
 

 



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