ACCT 2000 Study Guide - Current Liability, Common Stock, Target Corporation
Document Summary
The classified balance sheet: reports the assets, liabilities, and equity at a. Point in time: groups together similar assets and similar liabilities, using standard classifications. Current assets: assets that a company expects to convert to. Example: tiger company has the following assets at 12/31/12. Investments in stocks and bonds of other companies that are held for more than one year. Investments in long-term assets such as land or buildings not currently being used in operating activities. Property, plant, and equipment: property, plant and equipment assets are assets with long useful lives that are currently used in operating the business, examples, they are also called property plant. Chapter 2 class notes: on the balance sheet, the assets that are depreciated are shown at cost less accumulated depreciation. Intangibles: assets that do not have a physical substance yet are often valuable, examples: goodwill, trademarks, etc.