CH1-1. Statement of Financial Position : Assets, Liabilities, Shareholder's Equity Flashcards
EZ quiz on which is what
Assets
Economic Resource
8 parts
Cash
Assets
Amount of cash in company’s back account
Short-term Investments
Assets
Investments in highly liquid assets
Accounts Recievable
Assets
Amounts owed by Customers from prior sales
Inventories
Assets
Products Stored, not sold
Prepaid Expenses
Assets
Rent and Insurance paid in advance
Property and Equipment
Assets
Goodwill
Assets
Other Assets
Assets
Variety
Liabilities
Financing from Creditors (e.g. amounts owed to suppliers, employees, banks)
7 parts
Accounts Payable
Liabilities
Amounts owed to suppliers for purchase of goods
Accrued Liabilities
Liabilities
Amounts owed to supplier for services
Provisions
Liabilities
Estimated liabilities that are not known with certainty
Short-term Borrowings
Liabilities
Amounts owed to lenders within one year
Income Tax Payable
Liabilities
Tax owed to government
Long-term Debt
Liabilities
Amounts owed on written debt contracts payable after one year
Other Liabilities
Liabilities
Variety
Shareholder’s Equity
Financing from Shareholders
3 Parts
Contributed Capital
Shareholder’s Equity
Amount invested by Shareholders
Retained Earnings
Shareholder’s Equity
Past earnings not distributed to shareholders
Other components
Shareholder’s Equity
Variety
