Balance Sheet flashcards are study tools designed to help students learn and memorize key information related to a balance sheet. These flashcards typically include important terms, formulas, and concepts that are essential for understanding how a balance sheet works.
Studying with Balance Sheet flashcards can be a fun and effective way to improve your knowledge of financial statements. By regularly reviewing and quizzing yourself with these flashcards, you can build a solid foundation in accounting and better understand how to analyze a company’s financial health.
Learn Balance Sheet With Flashcards
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quick facts
- A balance sheet shows a company’s assets, liabilities, and equity at a specific point in time.
- Assets are things a company owns, like cash, inventory, and equipment.
- Liabilities are what a company owes, such as loans and accounts payable.
- Equity is the difference between a company’s assets and liabilities, and represents the owners’ stake in the business.
- A balance sheet must always balance, meaning that assets must equal liabilities plus equity.
card list
| Front | Back |
|---|---|
| Assets | Assets are things that a person or company owns that have value. |
| Liabilities | Money or debts owed by a person or company. |
| Equity | Equity: Fairness and justice in the way people are treated. |
| Current assets | Current assets are items that a company owns that can be easily converted into cash within a year. |
| Non-current assets | Non-current assets are long-term assets that are not expected to be converted into cash within one year. |
| Current liabilities | Current liabilities are debts or obligations that are due within one year. |
| Non-current liabilities | Debts or obligations that are not due within the next 12 months. |
| Working capital | Working capital is the money a company has available for its day-to-day operations. |
| Retained earnings | Accumulated profits that a company has kept instead of distributing to shareholders. |
| Accumulated depreciation | Accumulated depreciation: The total amount of depreciation expense that has been recorded for an asset since it was acquired. |
| Goodwill | Goodwill: The positive reputation and value a company has beyond its physical assets. |
| Intangible assets | Intangible assets are assets that do not have a physical form, such as patents, trademarks, and goodwill. |
| Property, plant, and equipment | Physical assets owned by a company for use in operations. |
| Accounts payable | Money that a company owes to its suppliers or vendors. |
| Accounts receivable | Money that customers owe a company for goods or services they have already received. |
| Prepaid expenses | Expenses that are paid for in advance before they are used or consumed. |
| Long-term debt | Money borrowed that must be repaid over a period of more than one year. |
| Common stock | Ownership in a company that comes with voting rights and a share of profits. |
| Treasury stock | Shares of a company’s own stock that it has bought back and is holding in its treasury. |
| Stockholders’ equity | Stockholders’ equity is the value of a company that belongs to its shareholders after all debts have been paid. |
| Cash and cash equivalents | Cash and cash equivalents are assets that are easily converted into cash, such as money in a checking account or short-term investments. |