Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/6

Click to flip

6 Cards in this Set

  • Front
  • Back
Current Assets
cash, acounts recievable,inventory and other assets in varying states of being converted into cash within the next 12 months
Fixed Assets
equipment, vehicles, machinery, real estate and other assets used in the operation of the business which are not intended for resale
Current Liabilities
notes payable, accounts payable,income taxes, and other debts owned by the business to be paid within the next 12 months
Long-Term Liabilites
mortgages and other debts owned by the business to be paid beyond the next 12 months
Networth
The owners claim on the assets of the business, that is the owners investment or equity.
Balance sheet equation
assets=liabilities+Net worth