Relier Pairs Balance Sheet & P & LVersion en ligne Match the key terms descriptions to the Balance Sheet and Income Statement classifications par Andy Gold 1 Long-term assets, whose values are derived from some right or privilege associated with them, that do not have tangible characteristics of consequential value. (e.g. trademarks, patents, franchises). 2 Debts or obligations of a business that are to be fulfilled within one year or the normal operating cycle, whichever is longer. These obligations are fulfilled by giving current assets, rendering services, or replacing them with other current liabilities. 3 Debts or obligations of a business that are not Current Liabilities. 4 Sales – (Sales Returns and Allowances + Sales Discounts) 5 Cash or other assets that are expected to be converted into cash or used in the generation of revenue within one year or the business’ normal operating cycle,whichever is longer. 6 Tangible long-term assets used in business operations. 7 The equity in the profits of a corporation that are kept in the corporation for operating, expansion, or other purposes. 8 Net Sales – Costs of Goods Sold 9 Assets, usually long-term, that are owned by a business but not used in the primary operations of the business. 10 Gross Margin – Operating Expenses Investments Gross Profit Income from Operations Long Term Liabilities Net Sales Intangible Assets Current Assets Retained Earnings Current Liabilities Plant, Property, and Equipment
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