Flashcard #1

Flashcard #1

Assessment

Flashcard

English

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What are examples of current assets?

Back

Current assets include cash, accounts receivable, and prepaid expenses.

2.

FLASHCARD QUESTION

Front

What is notes receivable?

Back

Notes receivable are written promises for amounts to be received, typically involving interest.

3.

FLASHCARD QUESTION

Front

Define cash in accounting.

Back

Cash refers to currency, coins, and amounts on deposit in bank accounts.

4.

FLASHCARD QUESTION

Front

What is accounts receivable?

Back

Accounts receivable is money owed to a company by its customers for goods or services delivered.

5.

FLASHCARD QUESTION

Front

What are prepaid expenses?

Back

Prepaid expenses are payments made in advance for goods or services to be received in the future.

6.

FLASHCARD QUESTION

Front

What is the difference between cash and cash equivalents?

Back

Cash equivalents are short-term investments that are easily convertible to cash, such as treasury bills.

7.

FLASHCARD QUESTION

Front

What is the purpose of a balance sheet?

Back

A balance sheet provides a snapshot of a company's financial position at a specific point in time.

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