Concept explainers
Videos
Current assets: Current assets are assets which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments,
Long term investments: Long term investments are noncurrent assets which are not meant to be converted into cash and cash equivalent within in the period of 1 year. These are meant to benefit company for more than one year.
Plant assets: Also referred as fixed assets or long term assets, are assets with a useful life of more than one year and are generally subjected to
Intangible assets: Intangible assets are the non visible assets which generally have a beneficial life of more than one accounting period.
Current liabilities: Current liabilities are liabilities which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets.
Long term liabilities: Long term liabilities are liabilities which are not due to be discharged within a time frame of one year.
To identify: The relevant category of
Want to see the full answer?
Check out a sample textbook solution
Chapter 3 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
- Nonearrow_forwardI need assistance with this financial accounting problem using valid financial procedures.arrow_forwardDirect labour cost variance: Northstar Manufacturing produces metal components. It takes 3 hours of direct labor to produce a component. Northstar's standard labor cost is $15 per hour. During August, Northstar produced 8,000 components and used 25,200 hours of direct labor at a total cost of $365,400. What is Northstar's labor rate variance for August?arrow_forward
- How much was Kaiser's net salesarrow_forwardPlease provide the correct answer to this general accounting problem using accurate calculations.arrow_forwardThe company had net sales of $63,000 and ending accounts receivable of $7,200 for the current period. Its days' sales uncollected equals how many days? (Round your answer to nearest number) Solve thisarrow_forward
- I am looking for help with this general accounting question using proper accounting standards.arrow_forwardI am looking for help with this general accounting question using proper accounting standards.arrow_forwardI am searching for the correct answer to this general accounting problem with proper accounting rules.arrow_forward
Managerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage Learning
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,