TERM 1
Financial
statements-
DEFINITION 1
statement that provides an accounting-based picture of a
firms financial position
TERM 2
Balance sheet-
DEFINITION 2
the financial statement that reports a firms assets, liabilities,
and equity at a particular point in time
TERM 3
Liquidity-
DEFINITION 3
the ease of conversion of an asset into cash at a fair value
TERM 4
Fixed assets-
DEFINITION 4
assets with a useful life exceeding one year
TERM 5
Current assets-
DEFINITION 5
assets that will normally convert to cash within a year
