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10 Cards in this Set
- Front
- Back
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accounting
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the process of data collecting, analyzing, and reporting data
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liabilities
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all the firm's debts are included
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owner's equity
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the difference between a firm's assets and its liabilities
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public accountant
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a person who is employed by a company to manage accounting data
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assets
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the resources a business owns
ex. inventories |
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liquidity
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the ease with which assets can be converted into cash
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balance sheet
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this statement reveals the financial position of the firm
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statement of cash flows
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illustrates how operating,investing and financing activities affect cash.
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a promissory note secures this obligation
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notes payable
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current ratio
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result of dividing current assets by current liabilities
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