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C213- Balance sheet

Balance Sheet

QuestionAnswer
A balance sheet is a listing of an organization's assets and of its liabilities at a certain time
e difference between assets and liabilities is called 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
assets and liabilities can be used to identify how the company has strategically structured its business to differ from that of its competitors
Assets and liabilities are generally classified as current (or short-term) items and non-current (or long-term) items
The most common current assets are cash, accounts receivable, and inventory.
Accounts receivable are amounts owed to a business by its credit customers and are usually collected in cash within within 10 to 60 days.
Current assets are normally listed in the balance sheet before long-term assets.
For most companies, current means one year or less
The most common current assets are cash, accounts receivable, and inventory
For financial reporting purposes, cash includes coins and currency as well as the balances in company checking and savings accounts.
Inventory is the name given to goods held for sale in the normal course of business
Companies make long-term investments for at least two reasons to earn income and/or to exercise influence on the companies in which they invest
Intangible assets are assets that have no physical or tangible characteristics. They are greements, contracts, or rights that provide economic benefits to a company
The balance sheet has 5 sections 1. current assets 2. long term assets 3.current liabilities 4.long term liabilities 5.stockholders equity
Distributions by a corporation to its stockholders are called Dividends
Which of the following generally is NOT considered to be a liability? Inventory
The total amount invested to acquire an ownership interest in a corporation is called Common Stock and Preferred Stock
Which of the following would be classified as a long-term asset? Land
The balance sheet is prepared in one of two basic forms: the side-by-side form, with assets reported on the left-hand side and liabilities and owners' equity on the right-hand side; or the columnar form, with assets, liabilities, and stockholders' equity sections appearing in vertical arrangement
Current assets usually are listed on a balance sheet in Decreasing order of liquidity
Which of the following accounts would NOT be considered a current asset? Equipment
n non-U.S. Balance sheets, you will often see each of the following EXCEPT: The stockholders’ equity section will be listed first on the balance sheet
Individual transactions impacting balance sheets can be analyzed by remembering that the accounting equation (Assets = Liabilities + Owners' Equity
Created by: mnapole
 

 



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