Balance Sheet & P & L

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Match the key terms descriptions to the Balance Sheet and Income Statement classifications

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Relacionar Columnas Balance Sheet & P & LVersión en línea Match the key terms descriptions to the Balance Sheet and Income Statement classifications por Andy Gold 1 Tangible long-term assets used in business operations. 2 Debts or obligations of a business that are to be fulfilled within one year or the normal operating cycle, whichever is longer. These obligations are fulfilled by giving current assets, rendering services, or replacing them with other current liabilities. 3 Net Sales – Costs of Goods Sold 4 Sales – (Sales Returns and Allowances + Sales Discounts) 5 The equity in the profits of a corporation that are kept in the corporation for operating, expansion, or other purposes. 6 Long-term assets, whose values are derived from some right or privilege associated with them, that do not have tangible characteristics of consequential value. (e.g. trademarks, patents, franchises). 7 Assets, usually long-term, that are owned by a business but not used in the primary operations of the business. 8 Gross Margin – Operating Expenses 9 Cash or other assets that are expected to be converted into cash or used in the generation of revenue within one year or the business’ normal operating cycle,whichever is longer. 10 Debts or obligations of a business that are not Current Liabilities. Long Term Liabilities Plant, Property, and Equipment Investments Net Sales Gross Profit Current Assets Intangible Assets Retained Earnings Current Liabilities Income from Operations

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Balance Sheet & P & LVersión en línea

Match the key terms descriptions to the Balance Sheet and Income Statement classifications

por Andy Gold

Tangible long-term assets used in business operations.

Debts or obligations of a business that are to be fulfilled within one year or the normal operating cycle, whichever is longer. These obligations are fulfilled by giving current assets, rendering services, or replacing them with other current liabilities.

Net Sales – Costs of Goods Sold

Sales – (Sales Returns and Allowances + Sales Discounts)

The equity in the profits of a corporation that are kept in the corporation for operating, expansion, or other purposes.

Long-term assets, whose values are derived from some right or privilege associated with them, that do not have tangible characteristics of consequential value. (e.g. trademarks, patents, franchises).

Assets, usually long-term, that are owned by a business but not used in the primary operations of the business.

Gross Margin – Operating Expenses

Cash or other assets that are expected to be converted into cash or used in the generation of revenue within one year or the business’ normal operating cycle,whichever is longer.

Debts or obligations of a business that are not Current Liabilities.

Long Term Liabilities

Plant, Property, and Equipment

Investments

Net Sales

Gross Profit

Current Assets

Intangible Assets

Retained Earnings

Current Liabilities

Income from Operations

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Balance Sheet & P & LVersión en línea

por Andy Gold

Tangible long-term assets used in business operations.

Debts or obligations of a business that are to be fulfilled within one year or the normal operating cycle, whichever is longer. These obligations are fulfilled by giving current assets, rendering services, or replacing them with other current liabilities.

Net Sales – Costs of Goods Sold

Sales – (Sales Returns and Allowances + Sales Discounts)

The equity in the profits of a corporation that are kept in the corporation for operating, expansion, or other purposes.

Long-term assets, whose values are derived from some right or privilege associated with them, that do not have tangible characteristics of consequential value. (e.g. trademarks, patents, franchises).

Assets, usually long-term, that are owned by a business but not used in the primary operations of the business.

Gross Margin – Operating Expenses

Cash or other assets that are expected to be converted into cash or used in the generation of revenue within one year or the business’ normal operating cycle,whichever is longer.

Debts or obligations of a business that are not Current Liabilities.