BMAL 590 Business Finance_3 Questions
And Answers
International Financial Reporting Standards (IFRS) used in many countries as the
regulatory basis for the preparation of financial statements. Designed to provide common global
language for financial reporting, so that published information i...
1. Assets- The most liquid asset (cash) appears first and the least liquid (fixed assets) come last.
2. Current Liabilities are those that must be paid within one year and include accounts payable,
notes payable, and accrued expenses. Long term liabilities - are due after more than a year and
include deferred taxes and long term debt.
3. Stockholders Equity - is the owners' residual share of the business, including their original
investment plus any money the firm has earned and retained since its inception. Includes
preferred stock, common stock, paid-in-capital in excess of par, and retained earnings.
, BMAL 590 Business Finance_3 Questions
And Answers
Liabilities are debts that the firm owes to others.
Current Liabilities are those that must be paid within one year and include accounts
payable, notes payable, and accrued expenses. Includes
Accounts Payable are the amounts owed for credit purchases by the firm.
Notes Payable are outstanding short-term loans, typically from commercial banks.
Accrued Expenses are costs that have been incurred by the firm that have not yet been paid.
Long term liabilities are due after more than a year and include deferred taxes and long
term debt. Include deferred taxes and long-term debt.
Assets Everything that can be used to benefit the business or give the company the right to
receive benefits.
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