READING A BALANCE SHEET: CLOZE TEST
A balance sheet, also _____ as a "statement of _________ position", reveals a company's ______, liabilities and owners' equity (______ worth). The balance sheet, ________ with the income statement ___ cash flow statement, makes ______ the cornerstone of any _________ financial statements.
The main formula behind _______ sheets is: Assets ___________ Shareholders' Equity .This _____ that assets, or the _____ used to operate the _______, are balanced by a _________ financial obligations along with ___ equity investment brought into ___ company and its retained ________. The total assets must _____ the liabilities plus the ______ of the company.
Current assets have a ____ span of one year ____ less, meaning they can ____ converted easily into cash. ____ assets classes include cash ___ cash equivalents, accounts receivable ___ inventory. Cash, the most ___________ of current assets, also ________ non-restricted bank accounts and ______. Cash equivalents are very ____ assets that can be _______ converted into cash; US.. __________ are one such example. ________ receivable consist of the __________ obligations owed to the _______ by its clients. Companies _____ sell products or services _____ customers on credit; these ___________ are held in the _______ assets account until they _____ paid off by the _______. Inventory is the value ____ raw materials or stock.
Non-current assets are assets ____ are not turned into ____ easily, are expected to _____ turned into cash within ____ year and/or have a _________ of more than a ______. They can refer to ________ assets such as machinery, _________, buildings and land. Non-current ______ also can be intangible ______, such as goodwill, patents ____ copyright. While these assets ___ not physical in nature, ____ are often the resources ____ can make or break ___ company - the value __ a brand