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4 cards from this section. Quick, good the night before a test.
What is a Balance Sheet?
Think about the purpose of summarizing financial health.
Name two types of assets listed in a Balance Sheet.
One type supports long-term operations, the other for short-term use.
What does a Balance Sheet represent?
It’s all about a snapshot.
True or False: Current assets are meant to be used or converted into cash within a year.
Consider the time frame for assets.
A non-profit organisation has total assets worth $120,000, including $80,000 in fixed assets and $40,000 in current assets. If their total liabilities are $60,000, what is their capital fund?
Use the basic accounting equation to identify the capital fund.
If a non-trading organisation lists $10,000 in receivables but also has $5,000 in payables, what does this imply about their liquidity?
Think about how quickly they can access cash.
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