Have an account?
It is a financial statement that reports the assets, liabilities, and equity of a company on a given date.
Statement of Income
Statement of Financial Position
Statement of Cash Flow
Statement of Changes in Equity
"A/An ________ is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise.”
None of the above
Includes coins, currencies, checks, bank deposits, and other cash items readily available for use in the operations of the business.
What are the three elements of financial position?
It is the amount collectible from the customer to whom sales have been made or services have been rendered on account or credit.
It is a promissory note issued by the client or the customer in exchange for services or goods received as evidence of his/her obligation to pay.
Stocks and bonds purchased by the enterprise and are to be held for only a short span of time or short duration.
This is deducted from the accounts receivable account to get the net realizable value.
Allowance for Bad Debts
Income already earned but not yet received.
Include supplies bought for use in the business or services and benefits to be received by the business in the future paid in advance.