NOTE TAKING GUIDE KEY
Topic # 4058
ASSETS & LIABILTIES
Kara Butters
1. Asset: Anything of value owned by a business or individual.
2. Current Asset: Assets that are used or sold within the year.
3. Non-Current Asset: Assets not sold, converted into cash or used up within the year.
4. Liability: Money, goods, and/or services which are owed.
5. Current Liability: Liabilities that are payable within the year.
6. Non-Current Liability: Liabilities not due within the year. Can be classified as
intermediate (1-10 years) or long term (more than 10 years).
7. Balance Sheet: Financial statement of equity for an individual/business for a specific
point in time. Assets – liabilities = owner equity/net worth