ACC 220 Week 3 CheckPoint Classified Balance Sheets

ACC 220 Week 3 CheckPoint Classified Balance Sheets -...

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ACC 220 Week 3 CheckPoint Classified Balance Sheets The term "current" is used to refer to those assets or liabilities which will be realized or paid by  an entity within a year's time. The term "long term" is used to refer to those assets or liabilities  which will be realized or paid by an entity in over a year's time. For example, a listing of current  assets would likely include items such as cash, marketable securities, accounts receivable, or  inventory. Cash, is immediately available for use and is, therefore, something an entity can  immediately (i.e., less than one year's time). Marketable securities, because they can be easily  converted to cash, accounts receivable, which are normally to be collected before the end of a  year, and inventory, which should be turned over as quickly as possible, are also examples of  current assets. The speed at which accounts receivable and inventory turn are highly indicative 
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This note was uploaded on 01/24/2012 for the course ACC 220 ACC 220 taught by Professor Black during the Spring '11 term at University of Phoenix.

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