ANS 2 CA - Obj. 2.01 Vocabulary Quiz

A written record that conveys the financial activities, position, and performance of a person or company.

Items owned of value

Items that can quickly be converted to cash or that will be sold within 12 months. Examples - cash on hand, checking and savings accounts

Items that have a useful life of more than one year and are used in the business

Provides a value to items as age, use and deterioration occurs over time

An itemized list of business or personal assets.

Debts owed

Accounts and notes payable, this year’s part of non‐ current liabilities.

Mortgages and other debts not due this year

Total assets minus total liabilities