What does total assets mean on the CPA exam?
Total assets. Everything the entity controls that is expected to produce future benefit, added up. The denominator of most efficiency and leverage ratios.
Which CPA exam sections use total assets?
Total assets appears in 6 CPA exam sections: AUD, BAR, FAR, ISC, REG, TCP.
Related terms
- average total assets: The average of opening and closing total assets, used wherever a period flow like sales is compared to a balance.
- total liabilities: Everything the entity owes, added up.
- hot assets: A partnership's unrealized receivables and inventory.
- total asset turnover: Sales divided by average total assets.
- capital assets: In GOVERNMENTAL reporting, long-lived assets such as land, buildings and infrastructure.
- net assets: Assets less liabilities.