Flashcards in Unit 9-10 Deck (10)
what is a worksheet?
A form that organizes the accounting data required for the preparation of financial statements
what is a classified balance sheet?
A classified balance sheet is a balance sheet that list items and special category such as crane fixed assets and current and long-term liabilities
what is a current asset?
cash or some other asset that in the normal course of operations will be converted to cash or sold or consumed within the year they are listed in order of liquidity
what are prepaid expenses?
expense payments made in advance
what are fixed assets?
assets that have a long life usually over one year
what are current liabilities?
abilities due to be paid within a year
what are long-term liabilities?
liabilities that are not due to be paid for more than one year
what is a statement of owners equity?
it describes the changes in owners equity for the accounting period
what is a supporting schedule?
supporting schedule provides details about an item on a main statement