the balance sheet Flashcards
1
Q
assets
A
cash, accounts receivable, inventory, buildings
2
Q
liabilities
A
accounts payable, taxes payable, mortgage payable, unearned revenue
3
Q
Owners’ Equity
A
Captial stock, retained earnings
4
Q
Classified balance sheet
A
distinguishes between current and long-term assets
5
Q
The purpose of the balance sheet
A
to portray the financial condition of a company at a point in time
