Card Set Information

2009-11-16 16:33:53
acctest 2

Show Answers:

  1. What are the five types of Assets?
    • 1. Current Assets
    • 2. Long Term Investments
    • 3. Property, Plant and Equipment
    • 4. Intangible Assets
    • 5. Other Assets
  2. What Are Current Assets?
    Current Assets are cash and other assets a company expects to convert into cash, sell , or consume in one year or opearting cycle, whichever is longer
  3. What are examples of Current Assets?
    • 1. Cash and Cash equivalents

    • 2. Short-term investments
    • 3. Receivables
    • 4. Inventories
    • 5. Prepaid Expenses

  4. What are the three types of Short-term investments?
    The three types are:Held-to-maturity, Trading, Available-for-sale
  5. What are long-term investments?
    Long-term investments are ofen referred to as investments:bonds, common stock, long term notes, land not used in operations, sinking fund, or nonconsolidated subsidiaries.
  6. What are intangible assets?
    Intangible Assets lack physical substance and are patents, copyrights, franchises, goodwill, trademarks.
  7. What is goodwill?
    The name recognition of the company
  8. What are other assets?
    • Doesnt fit in other sections
    • GAAP created asset, 1. Pension asset, 2. Deferred Tax Asset
  9. What are the two types of Liabilities?

    Current and Long-term

  10. What are Current Liabilities?
    Company expects to liquidate through the use of current assets
  11. What are long-term Liabilities?
    Does not expect to liquidate within the normal operating cycle.
  12. What are the types of Long Term Liabilities?
    • 1. Long term notes payable

    • 2. Bonds Payable
    • 3. Gaap created, Pension LIAB, deferred LIAB, L/T lease LIAB

  13. How is Stockholder's Equity Split up?
    • 1. Paid in Capital,( Owner investment

    • 2. Retained Earnings ( net incomes - dividends)