MGST 217 Chapter Notes - Chapter Chapter 16: Current Asset, Current Liability, Financial Statement

• School: University of Calgary
• Department: Management Studies
• Course: MGST 217
• Professor: Sherry L Weaver

Document Summary

Process of collecting, recording, classifying, summarizing, reporting and analysing financial activities. Also called debts, what a company owes to its creditors. is the total amount of investment in the company minus any liabilities. Can or will be converted into cash within the next 12 months. They provide funds used to pay the company"s current bills. Also represent the amount of money a company can raise quickly. Capital assets the speed with which they (assets) can be converted to cash. Are long term assets used by the company for more than one year - Income tax payable presented in order of declining life expectancy. is the allocation of the asset"s original cost to the years in which it is expected to produce revenues. long term assets with no physical existence. Short term loans from banks, suppliers, etc that must be repaid within a year.