Title Financial Accounting Endterm Slides.pdf ✅

1 Financial Accounting Endterm
The Balance Sheet
Assets Liabilities and Equity Current assets Current liabilities Prepaid expenses Current maturities of long-term debt Supplies Notes payable Inventory Accounts payable Notes receivable Salaries and wages payable Accounts receivable Interest payable Short-term investments Tax payable Cash Unearned revenue Intangible assets Goodwill Non-current liabilities Patents and Licenses Bonds Payable Copyrights and trademarks Mortgage Payable Natural Resources Property, Plant, and Equipment Equity Land Share Capital - Preference Buildings Share Capital - Ordinary Less: Accumulated Depreciation Less: Treasury Shares Equipment Share Premium - Preference Less: Accumulated Depreciation Share Premium - Ordinary Long term investments Share Premium - Treasury Share Investments, significant interests Ordinary Share Dividends Distributable Share Investments, non-significant interests Retained Earnings Debt Investments Accumulated other comprehensive Income
Assets and Liabilities Assets • What the organization owns Liabilities • What the organization owes Equity • (Owners’/ Shareholders’) Equity is the term that is used to describe the value of the corporation to its owners. Equity is the difference between what the corporation owns and what the corporation owes.