Assets and Liabilities

ASSETS
LIABILITY
OWNER'S EQUITY
EXPENSES
REVENUES

Definition
Current Assets
Current Liability


Current assets are all the assets of a company that are expected to be sold or used as a result of standard business operations over the next year.

Current liabilities are a company's short-term financial obligations that are due within one year or within a normal operating cycle. An operating cycle, also referred to as the cash conversion cycle, is the time it takes a company to purchase inventory and convert it to cash from ...

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plant and equipment, is a term used in accounting for assets and property that cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, described as liquid assets.

Long-term liabilities are financial obligations of a company that are due more than one year in the future. The current portion of long-term debt is listed separately to provide a more accurate view of a company's current liquidity and the company's ability to pay current liabilities as they become due. Long-term liabilities are also called long-term debt or noncurrent liabilities.

Account Examples
Current Assets
Current Liability

1. Capital
2. Stock
3. Retained earnings
4. Accumulated profits
5. General reserves
1. Purchases
2.cost of good sold
3. Sale commission expenses
4. Rent expenses
5. Delivery expenses
1. Sales

Inventories / Stock
1. Overdraft bank
2. Sales taxes payable
3. Payroll taxes payable
4. Interest payable


...

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"Assets and Liabilities." Essayworld.com. November 6, 2020. Accessed April 19, 2021. http://www.essayworld.com/essays/Assets-and-Liabilities/107508.
"Assets and Liabilities." Essayworld.com. November 6, 2020. Accessed April 19, 2021. http://www.essayworld.com/essays/Assets-and-Liabilities/107508.
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PAPER DETAILS
Added: 11/6/2020 02:36:47 AM
Submitted By: faizan12
Category: Economics
Type: Free Paper
Words: 332
Pages: 2

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