Accounting Fundamentals Fmva Definition Of Terms #13
Balance Sheet - correct answer A financial statement that reports assets, liabilities, and
owner's equity on a specific date.
Income Statement - correct answer A financial statement showing the revenue and
expenses for a fiscal period.
Statement of Cash Flows - correct answer A financial statement that provides financial
information about the cash receipts and cash payments of a business for a specific
period of time.
Assets - correct answer money and other valuables belonging to an individual or
business
Current assets - correct answer cash and other assets expected to be exchanged for
cash or consumed within a year (Cash, inventory, accounts receivable)
Inventory - correct answer the quantity of goods that a firm has on hand
Accounts Receivable - correct answer Amounts to be received in the future due to the
sale of goods or services
Non-current assets - correct answer Long-term resources that will be used by the
business repeatedly over a period of time (property, plant and equipment, technology,
patents, trademarks)
Tangible assets - correct answer physical assets, such as real estate and automobiles,
that can be held for either consumption or investment purposes
Intangible assets - correct answer Rights, privileges, and competitive advantages that
result from the ownership of long-lived assets that do not possess physical substance.
Liabilities - correct answer Amounts owed to creditors
Shareholders' Equity - correct answer A company's net worth or the total dollar amount
that would be returned to its shareholders if the company is liquidated after all debts are
paid off.
Current Liabilities - correct answer liabilities due within a short time, usually within a
year
Non-current liabilities - correct answer value of debts of the business that will be
payable after more than one year
Balance Sheet - correct answer A financial statement that reports assets, liabilities, and
owner's equity on a specific date.
Income Statement - correct answer A financial statement showing the revenue and
expenses for a fiscal period.
Statement of Cash Flows - correct answer A financial statement that provides financial
information about the cash receipts and cash payments of a business for a specific
period of time.
Assets - correct answer money and other valuables belonging to an individual or
business
Current assets - correct answer cash and other assets expected to be exchanged for
cash or consumed within a year (Cash, inventory, accounts receivable)
Inventory - correct answer the quantity of goods that a firm has on hand
Accounts Receivable - correct answer Amounts to be received in the future due to the
sale of goods or services
Non-current assets - correct answer Long-term resources that will be used by the
business repeatedly over a period of time (property, plant and equipment, technology,
patents, trademarks)
Tangible assets - correct answer physical assets, such as real estate and automobiles,
that can be held for either consumption or investment purposes
Intangible assets - correct answer Rights, privileges, and competitive advantages that
result from the ownership of long-lived assets that do not possess physical substance.
Liabilities - correct answer Amounts owed to creditors
Shareholders' Equity - correct answer A company's net worth or the total dollar amount
that would be returned to its shareholders if the company is liquidated after all debts are
paid off.
Current Liabilities - correct answer liabilities due within a short time, usually within a
year
Non-current liabilities - correct answer value of debts of the business that will be
payable after more than one year
