Balance Sheet

Question 1

Current assets (CRIPT)

Answer 1

Cash, Recievables, Inventory, Prepaid expenses, Temporary investments

Question 2

Current liabilities (SUAAA)

Answer 2

Short term loans, Unearned rev, Accounts payable, Advances, Accrued expenses

Question 3

Assets are

Answer 3

Economic resource, include future benefit, are controlled, derived from past events

Question 4

Liabilities are (sup)

Answer 4

Unavoidable, settled by assets, from past

Question 5

Equity is

Answer 5

Assets - liability, represents ownership interest

Question 6

Companies submit financial statements to

Answer 6

The SEC

Question 7

Companies financial statements should be in accordance to

Answer 7

GAAP

Question 8

GAAP is developed by

Answer 8

FASB

Question 9

Intangible assets

Answer 9

Goodwill, trademark, patents

Question 10

Noncurrent liability (bnd)

Answer 10

Bonds, notes payables, deferred tax liability

Question 11

Shareholders equity (APCAR)

Answer 11

Accumulated OCI, Preferred stock, common stock, Addiditonl paid in capital, retained earnings