BMAL 590 Business Finance_3 Questions
And Answers
International Financial Reporting Standards (IFRS) used in many countries as the
regulatory basis for the preparation of financial statements. Designed to provide common global
language for financial reporting, so that published information i...
1. Assets- The most liquid asset (cash) appears first and the least liquid (fixed assets) come last.
2. Current Liabilities are those that must be paid within one year and include accounts payable,
notes payable, and accrued expenses. Long term liabilities - are due after more than a year and
include deferred taxes and long term debt.
3. Stockholders Equity - is the owners' residual share of the business, including their original
investment plus any money the firm has earned and retained since its inception. Includes
preferred stock, common stock, paid-in-capital in excess of par, and retained earnings.
, BMAL 590 Business Finance_3 Questions
And Answers
Liabilities are debts that the firm owes to others.
Current Liabilities are those that must be paid within one year and include accounts
payable, notes payable, and accrued expenses. Includes
Accounts Payable are the amounts owed for credit purchases by the firm.
Notes Payable are outstanding short-term loans, typically from commercial banks.
Accrued Expenses are costs that have been incurred by the firm that have not yet been paid.
Long term liabilities are due after more than a year and include deferred taxes and long
term debt. Include deferred taxes and long-term debt.
Assets Everything that can be used to benefit the business or give the company the right to
receive benefits.
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 UpperClass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
