Chapter#5C: The Balance Sheet Flashcards Preview

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Flashcards in Chapter#5C: The Balance Sheet Deck (6)
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1

What is the Balance Sheet?

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

2

What are Current Assets?

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

3

What are Capital Assets?

assets owned by the company,

4

What are Current Liabilities

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

5

What are Long Term Liabilities

includes all debt that is due in more than one year

6

What is Owners Equity

shows the closing balance in the owner's capital account