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.
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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.
