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7 Cards in this Set
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- Back
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Current assets
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Cash and other assets reasonably expected to be converted to cash, consumed, or sold within one year or its normal operating cycle, whichever is longer
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Investments
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Assets not used in normal operations of business. Management does not plan to convert to cash in next year.
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Property, plant, & equipment
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Long-term tangible assets like land and buildings used in continuing operations
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Intangible assets
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Long-term assets with no physical substance like patents, copyrights, and goodwill
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Current liabilities
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Obligations due to be paid or performed within one year or within the normal operating cycle, whichever is longer
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Long-term liabilities
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Debts of a business that fall due more than one year in the future or beyond the normal operating cycle, which will be paid out of noncurrent assets
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Gross Margin
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Difference between net sales and cost of goods sold; also called gross profit
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