1
Q
what is the balance sheet equation?
A
assets - liabilities = owners equity
2
Q
what is a balance sheet?
A
a financial statement which shows the financial position of a business at a specific time
3
Q
what is the order of short term assets on a balance sheet?
A
in order of liquidity (how easy it is to turn to cash)
4
Q
what is the order of long term assets on a balance sheet?
A
in order of permanency (how long lasting they are)
5
Q
what is the order of liabilities on a balance sheet?
A
listed by the maturity date (the date that debt is due to be paid)
accounting
flashcards
Decks in class (15)
# Cards
-
Accounting Basics8
-
Types and Forms of Business16
-
Accounting Activities3
-
The Accounting Cycle1
-
Professional Accountants10
-
Net Worth9
-
Types of Assets and Liabilities2
-
Balance sheets5
-
Generally Accepted Accounting Principles1
-
International Financial Reporting Standards1
-
GAAP --> IFRS1
-
Business Entity Principle1
-
Cost Principle1
-
The Revaluation Model1
-
Going Concern Assumption1
