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15 Cards in this Set

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