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 sole proprietorship's assets-liabilities
a corporation's assets-liabilities;reports paid-in capital, retained earnings, and treasury stock.
Assets=Liabilities + stockholders' equity
will turn to cash within one year of the date of the balance sheet(unless the operating cycle is greater than one year)
an obligation that will become due within one year of the balance date.(unless the operating cycle is greater than one year)
Please allow access to your computer’s microphone to use Voice Recording.
We can’t access your microphone!
Click the icon above to update your browser permissions and try again
Reload the page to try again!
Press Cmd-0 to reset your zoom
Press Ctrl-0 to reset your zoom
It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.
Your microphone is muted
For help fixing this issue, see this FAQ.