Current and Non-Current Assets Summary
Learn an over view of current and non-current assets. Cash, bank, accounts receivable, debtors, inventory, stock, prepaid expenses. What is included in cash? Is there a difference between bank and cash? When do we have accounts receivable? How long do companies wait to receive payment? Accounting for inventory. Merchandise Inventory, raw materials inventory. How to identify inventory. Prepaid expenses. Prepaid insurance. Prepaid membership. Prepaid travel and expenses.
Introduction to accounting? Identify, record and communicate economic transactions. What is an economic transaction? How do we identify economic transactions? Which ones are relevant to the business? Describe how accountants record transactions. How do accountants communicate results? With financial statements Income Statement or Profit and Loss account. Statement of Owners' Equity. Balance Sheet or Statement of Financial Position. Cashflow Statement. Accounting categories. Assets, liabilities, equity, sales revenue and expenses.