Chapter 2:Study Guide Material Flashcards
1
Q
What are the 3 subcategories of Non-current Assets?
A
1) long-term investments
2) Property,Plant, and Equipment
3) Intangibles
2
Q
In general terms what is a classified balance sheet?
A
-means to separate the current accounts from the non-current accounts
3
Q
What does the classified balance sheet help investors do?
A
-to help investors assess liquidity
4
Q
What is the Accounting cycle?
A
is the process of recording transactions to their appearance on the financial statements
5
Q
What does balance sheet mean?
A
separate the current accounts from the non-current accounts
