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Essay / Research Paper Abstract
This 3 page paper gives definitions to the following balance sheet and income statement categories; assets, liabilities, stockholder equity, revenue, expenses and net income. Each is explained in a clear but simple manner.
Page Count:
3 pages (~225 words per page)
File: TS14_TEACdefine.rtf
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Unformatted sample text from the term paper:
An asset in the context of accounts is very similar to the general meaning of an asset. In assets is an item that has some form of economic value, which
could be converted into cash. Assets are the property, goods, or other valuable items which are owned by the company. There are different types of asset. Firstly, assets may be
divided between tangible and intangible. Tangible assets are physical assets, which can be seen and touched, tangible assets include items such as buildings, plant and machinery, vehicles and inventory. Intangible
assets of those which do not have an easy physical presence, they may include licensees, patents and goodwill. However, under FASB that are some of the regarding the way in
assets can be classified, only corporate it into the asset balance where the organization has paid for those assets, such as with the acquisition of a license. Assets may also
be divided between long and short time assess. On the balance sheet short-term (current) is defined as less than 12 months, long-term is 12 months or more. Short-term assets are
those which the company is not expected to more than 12 months, such as inventory, as well as short-term investments such as cash in bank account. Long-term assets tend to
be relatively easy to identify, and may also be referred to as fixed assets, and include real estate, plant and machinery, vehicles etc. Liabilities A liability is an amount
of money which is owned, or due to be paid, by the organization, which may be in the form of debt outstanding invoices. A liability is a legal obligation, which
the company is obliged to settle. Liabilities may also be created, for example, if an organization faces legal action for negligence, and the result goes against the company, this is
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