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15 Cards in this Set
- Front
- Back
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Financial Statement
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A statement showing the financial position of firm. Comprised of balance sheet & statement of earnings (P&L)
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Statement of Fianancial Position
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A statement showing what a firm owes and owns at a given point in time.
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Balance Sheet
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A statement showing what a firm owes and owns at a given point in time.
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Accounts Payable
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What a firm owes, usually due in 30 days.
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Accounts Receivable
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What is owed to a firm, usually by it's customers.
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Asset
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What a firm owns.
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Current Asset
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Cash or other asset easily intended to be converted to cash within one year or less.
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Fixed Asset
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Assets required to carry on business, but not bought to be sold.
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Depreciation
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Reduction of value of a fixed asset based on wear & tear (regulated reduction).
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Book Value
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Cost of fixed assets, minus accumulated depriciation.
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Fair Market Value
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The value of an asset(s) without depreciation.
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Liability
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What a firm owes.
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Long Term Liability
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What a firm owes that is due more than one year.
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Current Liability
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Short term debt, to be paid by current assets. Usually within one year or less.
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Current Portion of Long Term Debt
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The portion of long term debt that is due within one year.
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