Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
6 Cards in this Set
- Front
- Back
|
the difference between total assets and total liabilities; what would be left for the owners if the firm’s assets were sold and the money used to pay off its liabilities
|
Owners’ equity
|
|
|
a summary of the dollar amounts of a firm’s assets, liabilities, and owners’ equity accounts at the end of a specific accounting period
|
Balance sheet
|
|
|
stocks, bonds, and other investments that can be converted into cash in a matter of days
|
Marketable securities
|
|
|
assets that will be held or used for a period longer than one year
|
Fixed assets
|
|
|
the process of apportioning the cost of a fixed asset over the period during which it will be used (its useful life)
|
Depreciation
|
|
|
assets that do not exist physically but have value based on the rights or privileges they confer on a firm; they are of long-term value to the firm
|
Intangible assets
|
