Accounting Study Guide

U.S. GAAP Codification IFRS International Standards Accounting Topics


Examples of Asset Accounts


U.S. GAAP Codification IFRS Accounting Terms,  Accounting Jobs
Principles of Accounting Intermediate Accounting Advanced Accounting
Accounting Standards ASC Accounting by Topic,  Accounting Textbooks


Financial Statements Overview

 
Assets and Contra-Asset Accounts
 
Current Assets
 
Current Assets include assets that are expected to be converted into cash within a year from the balance sheet date.
 
   Cash
   Bank deposits
   Accounts receivable (due within a year from the balance sheet date)
   Notes receivable (due within a year from the balance sheet date)
   Marketable securities
   Short-term loans
   Prepaid expenses
   Other current assets
 
 
Inventories
 
Inventories include merchandise or goods that are ready to be sold, and other assets that are in the process of producing goods.
 
   Merchandise
   Raw materials
   Work-in-process (WIP)
   Finished goods
 
 
Property, Plant, and Equipment (PP&E)
 
PP&E include tangible fixed assets that are used for the primary business operations.
 
   Land
   Buildings
   Machinery
   Equipment
   Vehicles
   Leasehold improvements
 
 
Accumulated Depreciation
 
Accumulated depreciation is a contra-asset account which is subtracted from asset accounts.
 
   Land does not have accumulated depreciation, because land account is not depreciated.
   Accumulated depreciation, buildings
   Accumulated depreciation, machinery
   Accumulated depreciation, equipment
   Accumulated depreciation, vehicles
 
 
Intangible Assets
 
Intangible assets include assets that do not have physical substance, but provide future economic benefits.
 
   Trademark
   Copyright
   Patent
   Goodwill
   The amortization of intangible assets is
      --> directly subtracted from the balance of related intangible assets.
      --> accounts such as "accumulated amortization" are not used for intangible assets.
 
 
Other Assets
 
Other assets include noncurrent assets that are not classified as one of the above accounts.
 
   Long-term notes receivable  (due after a year from the balance sheet date)
   Long-term loans related companies


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U.S. GAAP Codification
International Financial Reporting Standards (IFRS)
 
Accounting Topics
Inventory Valuation Methods
Depreciation Methods
Revenue Recognition Principle
Accrual Basis vs. Cash Basis Accounting
Basics of Journal Entries
Ratios for Financial Statement Analysis
Overview of Financial Statements

 








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