Exam (elaborations)
Intuit Academy Bookkeeping Professional Certificate: Liabilities and Equity
- Course
- Institution
Intuit Academy Bookkeeping Professional Certificate: Liabilities and Equity
[Show more]
Content preview
Intuit Academy Bookkeeping ProfessionalCertificate: Liabilities and Equity
Accounting Equation - ANSWER Assets = Liabilities + Owner's
Equity
Current Liabilities - ANSWER Will be paid in 1 year (I.E Accounts
payable, Payroll and benefits Liabilites, Lines of Credit, Credit Cards, Income Tax
Liabilities, Deferred Revenue)
Noncurrent Liabilities - ANSWER Due in 1 year or more (I.E Long
term loans; Notes Payable: mortgage, car loan, promissory loan; Bonds payable;
Deferred income tax)
Liquidity - ANSWER The ability to generate sufficient current assets
to pay current liabilities
, Solvency - ANSWER Ability to meet company obligations in future
Debt to Equity Ratio - ANSWER Tracks increases and decreases in
liabilities as a percentage of equity.
Accounts Receivable Turnover Rate - ANSWER How fast accounts
receivable are collected
Income Tax - ANSWER Taxes payed to the state and federal
government on wages earned by employees
Bonds Payable - ANSWER long term debt securities issued by a
company which promises to pay back the principal at some specified point in the
future
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller a-grade. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80467 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now