WorksheetsH2 2.01 Financial Records
Total questions: 18
Worksheet time: 9mins
– things of tangible value that a person owns
assets
liabilities
net worth
gross income
Items quickly converted to cash or that will be sold within 12 months
current assets
non-current assets
current liabilities
non-current liabilities
– items that have a useful life of more than one year
current assets
non-current assets
current liabilities
non-current liabilities
current assets + non-current assets =
total assets
net worth
inventory
value
debts a company owes
assets
liabilities
net worth
inventory
debts that are due to be paid this year
current assets
non-current assets
current liabilities
non-current liabilities
debts not due this year
current assets
non-current assets
current liabilities
non-current liabilities
current liabilities + non-current liabilities =
current assets
total assets
current liabilities
total liabilities
total assets minus total liabilities =
total assets
inventory
total liabilities
net worth
an itemized list of things owned by a business with the beginning value and depreciated value
inventory
assets
liabilities
net worth
items that will be used up or sold within a year
non-depreciable inventory
depreciable inventory
current assets
non-current liabilities
– items that have a useful life of more than one year and lose value because of age, wear or becoming out-ofdate because of technology advancements.
depreciable inventory
non-depreciable inventory
non-current assets
non-current liabilities
T/F Land not depreciable
True
False
What are the following an example of: cash, checking, savings, stocks, and non-depreciable inventory of crops, livestock, etc.
current assets
non-current assets
current liabilities
non-current liabilities
What are the following an example of: land and depreciable items such as machinery, breeding livestock, etc.
current assets
non-current assets
current liabilities
non-current liabilities
What are the following an example of: fertilizer and feed bills, tractor and building payments, and part of mortgage due this year.
current assets
non-current assets
current liabilities
non-current liabilities
What is the following an example of: mortgages not including this year’s payment.
current assets
non-current assets
current liabilities
non-current liabilities
What are the following an example of: feed, supplies, etc.
depreciable inventory
non-depreciable inventory
