Ag business vocab quiz

What is a statement of financial position at a specific point in time

• balance sheet

• book

• asset

• classroom

• michelle obama

what is used to measure revenues and expenses over a period of time

• Balance sheet

• income statement

• Jessica lebsock

• Financial statement

What summarizes expected cash inflows and outflows over a period of time

• Dylan evans

• Cash outflow

• Cash flow projection

• Carissa Bamford

how are financial statements used

• identifies strengths and weaknesses in operation

• helps prepare for taxes

• better for planning

• help make decisions

assets=

• liabilities + owner equity

• current assets+liabilities

• long term assets+ liabilities

• they are assets.

what is a current asset

• what you own for more than 7 years

• what you own for over a year

• what you own for up to 12 months

what are intermediate assets

• items you own for up to 12 months

• items you own for 1 to 7 years

• items you own for over 7 years

what is a long term asset

• Items your own for several years

• the flavor of food

• something old

• whitney reed

what is current liability

• when u get hurt now

• used to measure revenues and expenses

• when you get hurt

• debts and obligations due in the next 12 months

long term liability

• Doug

• due more than 7 years in the future

• sum of total expenses

• coopers mom