StudyXY
RegisterLog in

Understanding Key Financial Concepts: Assets, Estimates, Internal Controls, and Intangible Assets

Explains key financial concepts.

Violet Stevens
Contributor
4.3
51
6 months ago
Preview (3 of 7 Pages)
100%
Purchase to unlock

Page 1

Understanding Key Financial Concepts: Assets, Estimates, Internal Controls, and Intangible Assets - Page 1 preview image

Loading page ...

Understanding Key Financial Concepts: Assets, Estimates, Internal Controls, andIntangible AssetsDQ 11.What is a current asset? What is a non-current asset? What is the difference between the twotypes of assets? In which financial statement would youfind these assets?What is a current asset?“Current assetsare assets that a company expects to convert to cash or use up within one year”(Kimmel, Weygandt, & Kieso,2007,p.49). Supplies or accounts receivable are current assets sincesupplies are expected to be used within one year, and accounts receivable are expected to be collectedwithin one year.According to the text, common types of current assets are:1.Cash2.Short-term investments3.Receivables4.Inventories5.PrepaidexpensesWhat is a non-current asset?The opposite of a current asset, a non-current asset is an asset that is not easily converted to cash ornot expected to become cash within one year.What is the difference between the two types of assets?As the definition of each indicates, current assets are assets thatareexpected to be used or convertedto cash within one year, whereas, noncurrent assets arenotexpected to be used or converted to cashwithin one year.

Page 2

Page 3

Preview Mode

This document has 7 pages. Sign in to access the full document!

Study Now!

XY-Copilot AI
Unlimited Access
Secure Payment
Instant Access
24/7 Support
Document Chat

Document Details

Subject
Finance

Related Documents

View all
Past Exams

Texas Life and Health Insurance Exam 150 Questions

A study-sharing site offering verified Q&A for the Texas Life and Health Insurance Exam. Ideal for candidates preparing for certification with updated 2023 content, covering key laws, policies, and insurance concepts.

Class Notes

Understanding Obligation and Deobligation in Resou

Obligation: legally reserving funds for expenses e.g: travel orders. Deobligation: adjusting obligations downward when actual costs are less, freeing funds for other needs. Ensures efficient effective use of finite resources in government operations.

Solved Assignments

Budgeting for Life After High School

High school budgeting activity featuring a real-life scenario for college student Lisa. Students create a zero-based budget using her income, expenses, and support funds to learn personal finance, savings, and responsible spending.

Solved Assignments

Ch 4 les 1

Zach, a college freshman, uses his new credit card with a 19% APR for emergencies during a work break, facing minimum payments that may lead to costly interest and debt.

Class Notes

Understanding Credit Reports Analyzing John's Fina

This activity uses John Doe's financial story and a sample credit report to help students learn how to read and understand credit reports. Students analyze his credit use, debts, and recent financial inquiries to answer related questions.

Solved Assignments

Financial Statement Analysis

Detailed breakdown of financial statements and key performance indicators.

Solved Assignments

CEO pay at John Deere and Caterpillar

Compares CEO pay at two companies.

Solved Assignments

Financial Planning and Budget Analysis

A financial study on budgeting techniques and financial planning strategies.

Solved Assignments

Financial Research Report

A detailed report analyzing financial trends, risk factors, and economic indicators.

Solved Assignments

WACC Project Verizon Communication Inc

This document provides a comprehensive analysis of the Weighted Average Cost of Capital (WACC) for Verizon, offering insights into financial decision-making and investment strategies.