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Chapter 2

ACC 100 Chapter Notes - Chapter 2: Current Asset


Department
Accounting
Course Code
ACC 100
Professor
Brad Mac Master
Chapter
2

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Balance Sheet
Reports an entityʼs financial position at a point in time
To improve the understandability of information for external users, accountants group
similar assets and similar liabilities together
List in order of liquidity
A = L + E
Non-current Assets
Any assets that do not meet the definition of a current asset are classified as long-term
or non-current assets. Three common categories of long-term assets are: investments,
property, plant, and equipment; and intangibles.
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