Accounting ACCT 2610 Lecture Notes - Lecture 3: Net Income, Common Stock, Retained Earnings
28 Apr 2017
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Current assets: (assets that will be used or turned into cash within 1 year) Noncurrent assets: (assets that will be used or turned into cash beyond 1 year) Cash (amount of cash in the company"s bank accounts) Accounts receivable (amounts owed by customers from prior sales) Inventories (partial and completed products that are unsold) Intangible assets (economic resources that have no physical existence but have value because of certain rights and privileges often conferred by law (e. g. , patents, trademarks, franchises, goodwill) Current liabilities: (obligations that will be paid or settled within 1 year) Accounts payable (amounts owed to suppliers for prior purchases) Notes payable (amounts owed on written debt contracts) Noncurrent liabilities: (obligations that will be paid or settled beyond 1 year) Common stock (financing provided by stockholders, contributed capital by shareholders) Par value = the minimum amount a stockholder has to contribute to purchase a share of stock; has no relation to the market price of the stock.
