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Balance Sheet Glossary

Accounts Receivable: A short-term asset, usually representing a credit for a completed sale.

Cash: Money on hand in checking, savings or redeemable certificate accounts.

Current Assets: The sum of a firm's cash, accounts receivable, inventory, prepaid expenses and marketable securities which can be converted to cash within a single operating cycle.

Current Liabilities: Measurable debt owed within one year, including accounts payable, accrued liabilities, taxes due and short-term notes due.

Inventory: The stockpile of unsold products.

Long Term Debt: Liabilities due in more than one year.

Cost of Sales: COS includes the purchase of raw materials and manufacturing finished products. For non-manufacturing classifications, Cost of Sales includes providing the services the entity sells. Other costs are included in the cost of sales to the extent that they are involved in bringing goods to their location and condition ready to be sold. Non-production overheads such as development costs may be attributable to the cost of goods sold Costs of bring electricity to the point of transmission, or administrative screening, appointment and delivery of services to patients (including supervision), could be included in COS for electric utilities or medical offices respectively. The costs of services provided will consist primarily of personnel directly engaged in providing the service, including supervisory personnel and attributable overhead.

Net and Gross Profit: Gross Profit is sales minus the cost of the product or service. Net Profit reduces the Gross Profit with selling and general & administrative expenses (including depreciation), miscellaneous other income and expenses, such as interest expense and taxes.

Net Working Capital: Current assets minus current liabilities.

Net Worth: Current assets plus fixed assets minus current and long-term liabilities.

Sales: Annual volume of sales.

Total Assets: The sum of current assets and fixed assets such as plant and equipment.

Total Liabilities: Current liabilities plus long term liabilities such as notes and mortgages due over more than one year.

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