Balance Sheet Flashcards by maria DeOliveira

Q

Balance Sheet

A

Assets = Liabilities + SE

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Q

Assets

A

Acquired @ measurable Cost
controlled by the entity
Has future economic benefits
Has a past transaction or event

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Q

Current Asset Examples

A

Cash
AR
Inventory
Prepaid Expenses

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Q

Non Current Asset Examples

A

Property, Plant, Equipment
Long term investments - bonds
intangibles - patents/trademarks

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