100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
WSP Accounting Crash Course (The Balance Sheet) Exam Q&A 100% Correct $9.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Wsp
  4.  
  5. Wsp

Exam (elaborations)

WSP Accounting Crash Course (The Balance Sheet) Exam Q&A 100% Correct
 0 view  0 purchase
  • Course
  • Wsp
  • Institution
  • Wsp

WSP Accounting Crash Course (The Balance Sheet) Exam Q&A 100% Correct Balance Sheet def - reports the company's resources (assets) and how those resources were funded (liabilities and shareholders equity) on a particular date (end of the quarter, end of the year) fundamental equation: A = L + ...

[Show more]

Preview 2 out of 14  pages

Document information

  • September 26, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • Wsp
  • Wsp

Seller

avatar-seller
JOSHCLAY

Reviews received

Content preview

WSP Accounting Crash Course (The

Balance Sheet) Exam Q&A 100% Correct


Balance Sheet def - ✔✔reports the company's resources (assets) and how

those resources were funded (liabilities and shareholders equity) on a

particular date (end of the quarter, end of the year)



fundamental equation: A = L + E

Assets - ✔✔represent the company's resources



requirements: company must own the resource

The resource must be of value

The resource must have a quantifiable measurable cost




Going down in order of liquidity



-Cash= most basic asset

, -Marketable securities (also known as investments) = like cash, less liquid

-A/R = money that is coming in to the company

-Inventories includes the direct coats associated with production of goods

-Prepaid expenses is a bit less intuitive and more tricky

-PP&E is straightforward

-Intangibles & Goodwill: things acquired at some point by the company in

the past and now have value based on the company's rights on the thing

Assets, liabilities, equity relationship - ✔✔A = L + E



Assets are a use of funds, L+E are sources of funds (how it pays for

assets)

Liabilities - ✔✔represent what the company owes to others (source of

funds)



They must be measurable

Their occurrence is probable

current liab: due within 1 yr

LT liab: due >1 yr



common liabilities:

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 JOSHCLAY. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80435 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
  Add to cart