Create an account
resources, things owned, and prepaid or deferred expenses; examples include cash, accounts receivable, inventory, prepaid insurance, equipment, vehicles, furnishings
Obligations and deferred revenues; examples include accounts payable, loans payable, wages payable, interest payable, customer deposits, deferred revenues. A way to remember this is that anything that owed means whomever is LIABLE or OBLIGATED to pay that amount.
a corporation's assets-liabilities;reports paid-in capital, retained earnings, and treasury stock.
will turn to cash within one year of the date of the balance sheet(unless the operating cycle is greater than one year)
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