Chapter One -...

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Chapter One- The Nature and Uses of Accounting Information  Frame 5 statement of financial position- aka balance sheet presents measures of the assets, liabilities, and owners equity in a business firm  as of a specific moment in time assets are things of value they constitute the  resources  of the firm because of the uses to which they can  be put or the things that can be acquired by exchanging them current assets, cash, accounts receivable, property, plant, equipment, and office  equipment things of value all economic resources owned by a business that can be measured, and all those  desired things, expect those available in unlimited quantity without cost or effort current assets: consist of cash and other short-lived assets that are reasonably expected to be  converted into cash or to be consumed or used up in operations of a business 
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Chapter One -...

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