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