Chapter#5C: The Balance Sheet Flashcards Preview

Bookkeeping > Chapter#5C: The Balance Sheet > Flashcards

Flashcards in Chapter#5C: The Balance Sheet Deck (6)
Loading flashcards...

What is the Balance Sheet?

it represents the assets on hand and the liabilities owed by the company


What are Current Assets?

They represent assets that can be turned into cash with one year


What are Capital Assets?

assets owned by the company,


What are Current Liabilities

those amounts owed by the company that are due within one year of the balance sheet date


What are Long Term Liabilities

includes all debt that is due in more than one year


What is Owners Equity

shows the closing balance in the owner's capital account