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Current assets

Assets that companies expect to convert to cash or use up within one year or the operating cycle, whichever is longer.

Current Liabilities

Obligations that a company expects to pay within the next year or operating cycle, whichever is longer

Current Ratio

A measure of liquidity computed as current assets divided by current liabilities.


Financial Accounting Standards Board The primary accounting standard-setting body in the United States.


Generally accepted accounting principles (GAAP) A set of accounting standards that have substantial authoritative support, that guide accounting professionals.


nternational Accounting Standards Board (IASB) An accounting standard-setting body that issues standards adopted by many countries outside of the United States.


International Financial Reporting Standards (IFRS) Accounting standards, issued by the IASB, that have been adopted by many countries outside of the United States.


Public Company Accounting Oversight Board (PCAOB) The group charged with determining auditing standards and reviewing the performance of auditing firms.


Securities and Exchange Commission (SEC) The agency of the U.S. government that oversees U.S. financial markets and accounting standard-setting bodies.


expresses the mathematical relationship between one quantity and another. Ratios shed light on company performance

Intracompany Comparisons

covers two years for the same company

Industry Average Company Comparisons

based on average ratios for particular industries

Inter Company Comparisons

based on comparisons with a competitor in the same industry.

Profitability Ratio

– measure the operating success of a company for a given period of time. EPS

Financial Reporting Enhancing Qualities

Comparability, Consistency, Verifiable, and Timely

Financial Reporting Relevance

Predictive, Confirmatory, Materiality

Financial Reporting Faithful Representation

Complete, Neutral and Free from Error

Current Ratio Equation

Current Assets / Current Liabilities

Working Capital

Current Assets – Current Liabilities


Net Income – Preferred Dividends / Average Common Shares Outstanding

Debt to Assets

Total Liabilities / Total Assets

Free Cash Flow

Net Cash Provided by Operations – Capital Exp. – Cash dividends

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