Exam (elaborations)
Intuit Academy Bookkeeping Professional Certificate: Liabilities and Equity
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Intuit Academy Bookkeeping Professional Certificate: Liabilities and Equity
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Intuit Academy Bookkeeping ProfessionalCertificate: Liabilities and Equity
Accounting Equation - ANSWER Assets = Liabilities + Owner's
Equity
Current Liabilities - ANSWER Will be paid in 1 year (I.E Accounts
payable, Payroll and benefits Liabilites, Lines of Credit, Credit Cards, Income Tax
Liabilities, Deferred Revenue)
Noncurrent Liabilities - ANSWER Due in 1 year or more (I.E Long
term loans; Notes Payable: mortgage, car loan, promissory loan; Bonds payable;
Deferred income tax)
Liquidity - ANSWER The ability to generate sufficient current assets
to pay current liabilities
, Solvency - ANSWER Ability to meet company obligations in future
Debt to Equity Ratio - ANSWER Tracks increases and decreases in
liabilities as a percentage of equity.
Accounts Receivable Turnover Rate - ANSWER How fast accounts
receivable are collected
Income Tax - ANSWER Taxes payed to the state and federal
government on wages earned by employees
Bonds Payable - ANSWER long term debt securities issued by a
company which promises to pay back the principal at some specified point in the
future
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