FMVA
Accounts Receivable - answer Amounts to be received in the future due to the sale of goods or services
Income Taxes Payable - answer corporate taxes for the period that must be remitted to government.
Long-term Debt - answer Borrowing for business - one or multiple loans where term is longer than 12 months; non-current liability
Contingencies - answer A potential future liability that the company can reasonably estimate (eg, from a pending lawsuit)
Property, Plant, and Equipment - answer Physical assets used to generate income over a period of time greater than 12 months. Include things such as buildings, furniture,
computers, vehicles, manufacturing equipment.
Inventory - answer Goods either purchased or produced for sale to customers.
Current portion of capital lease obligation - answer The amount owing over the next 12 months for capital lease payments.
Cash and Equivalents - answer Cash or items that act like cash (eg, short term money market funds) that a business holds.
Common Shares/Stock - answer Shares held by investors in the company. These shares allow for voting rights and participation in profits.
Current portion of long-term debt - answer The amount of any loan(s) repayments due within the next 12 month period.
Goodwill - answer The premium paid on the acquisition of another business.
Deferred Income Tax Assets - answer A timing difference due to the difference between accounting income and taxable income. Difference will reverse in the next reporting period/ next 12 months.
Accounts Receivable - answer Amounts to be received in the future due to the sale of goods or services
Income Taxes Payable - answer corporate taxes for the period that must be remitted to government.
Long-term Debt - answer Borrowing for business - one or multiple loans where term is longer than 12 months; non-current liability
Contingencies - answer A potential future liability that the company can reasonably estimate (eg, from a pending lawsuit)
Property, Plant, and Equipment - answer Physical assets used to generate income over a period of time greater than 12 months. Include things such as buildings, furniture,
computers, vehicles, manufacturing equipment.
Inventory - answer Goods either purchased or produced for sale to customers.
Current portion of capital lease obligation - answer The amount owing over the next 12 months for capital lease payments.
Cash and Equivalents - answer Cash or items that act like cash (eg, short term money market funds) that a business holds.
Common Shares/Stock - answer Shares held by investors in the company. These shares allow for voting rights and participation in profits.
Current portion of long-term debt - answer The amount of any loan(s) repayments due within the next 12 month period.
Goodwill - answer The premium paid on the acquisition of another business.
Deferred Income Tax Assets - answer A timing difference due to the difference between accounting income and taxable income. Difference will reverse in the next reporting period/ next 12 months.
