FABM 1

Things that are resources owned by company for future gains or benefits

• ASSETS

• LIABILITIES

• CAPITAL

• EQUITY

Cash and other resources that are expected to turn into cash or to be used up within one year of the balance sheet

• NON-CURRENT ASSETS

• NON-CURRENT LIABILITIES

• CURRENT ASSETS

• CURRENT LIABILITIES

These are the following line items that are either cash or assets that are readily convertible into cash

• CASH

• CASH AND CASH

• CASH AND CASH EQUIVALENTS

• CASH EQUIVALENTS

These are the following examples of Cash, EXCEPT.

• COMMERCIAL PAPER

• CASH IN CHECKING ACCOUNTS

• CURRENCY

• BANK DRAFTS

Which of the following is an example of Cash Equivalent?

• Cash

• Coins

• Petty cash

• Money market funds

A current asset account that represents an amount of cash for making small disbursements such assl transportation and etc.

• Prepaid expense

• Petty cash funds

• A marketable security

• Accounts receivable

Expenses that are paid in advance but not yet incurred?

• Expenses

• Accrued income

• Prepaid expense

• Income

Refers to money due to a seller from buyers that has not yet paid their purchased

• Account Receivable

• Receive

• Account

• Receive account

Contra asset that associated with Accounts Receivable

• Allowance for doubtful accounts

• Allowance account

• Allowances

• Doubtful allowance

An asset representing the right to receive the principal amount contained in a written promissory note.

• Marketable security

• Account Receivable

• Interest Receivable

• Notes Receivable