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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Andy Gold

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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 The equity in the profits of a corporation that are kept in the corporation for operating, expansion, or other purposes. 2 Tangible long-term assets used in business operations. 3 Debts or obligations of a business that are not Current Liabilities. 4 Gross Margin – Operating Expenses 5 Net Sales – Costs of Goods Sold 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 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. 8 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. 9 Sales – (Sales Returns and Allowances + Sales Discounts) 10 Assets, usually long-term, that are owned by a business but not used in the primary operations of the business. Income from Operations Plant, Property, and Equipment Intangible Assets Gross Profit Net Sales Current Assets Investments Current Liabilities Retained Earnings Long Term Liabilities

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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

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

Tangible long-term assets used in business operations.

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

Gross Margin – Operating Expenses

Net Sales – Costs of Goods Sold

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).

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 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.

Sales – (Sales Returns and Allowances + Sales Discounts)

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

Income from Operations

Plant, Property, and Equipment

Intangible Assets

Gross Profit

Net Sales

Current Assets

Investments

Current Liabilities

Retained Earnings

Long Term Liabilities

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Balance Sheet & P & LVersión en línea

por Andy Gold

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

Tangible long-term assets used in business operations.

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

Gross Margin – Operating Expenses

Net Sales – Costs of Goods Sold

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).

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 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.

Sales – (Sales Returns and Allowances + Sales Discounts)

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