Textbook Notes (369,072)
Canada (162,367)
Accounting (533)
ACC 100 (214)
Chapter 2

Chapter 2 - Balance Sheet Description

2 Pages

Course Code
ACC 100
Brad Mac Master

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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. Investments: Securities that are not expected to be sold within the next year are classified as investments. in many cases, the investment is in the common stock of another company. sometimes companies invest in another company either to exercise some influence or to actually control th
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