ACCT 203- Midterm Exam Guide - Comprehensive Notes for the exam ( 61 pages long!)
5 Oct 2017
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In event of nonpayment you may legally force company to sell property to pay its debts, securities sold to investors they purchase in reference to creditors. Many corporations make payments to stockholders on regular basis as long as there is sufficient cash to cover required payments to creditors. In order to ensure ethical financial reporting a company should complete certification of. Accounts receivable is money owed to a company by customers; accounts payable is financial documents by executive officers money that company owes to its suppliers. Classified balance sheet - groups together similar assets and similar liabilities, using a number of standard classifications and sections. Current assets - assets that a company expects to convert to cash or use up within one year or its operating cycle, whichever is longer. Except where noted, we will assume that companies use one year to determine whether an asset or liability is current or long-term.
