FABM.docx - STATEMENT OF FINANCIAL POSITION ACCOUNTING...

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ACCOUNTING Input Business Transaction Process Identifying Measuring Recording Communicating Output Financial Information FUNDAMENTAL CHARACTERISTICS 1. Relevance 2. Faithful Representation - Completeness - Neutral - Free from Error ENHANCING CHARACTERISTICS 1. Comparability 2. Verifiability 3. Timeliness 4. Understandability Owner Investor Creditor STATEMENT OF FINANCIAL POSITION ASSETS Current Assets Non- Current Assets TOTAL ASSETS LIABILITIES AND EQUITY Current Liabilities Non-Current Liabilities Owner’s Equity TOTAL LIABILITIES AND EQUITY Current Non-Current Assets Cash Accounts Receivable Notes Receivable Inventories Unused Supplies Supplies Prepayments Accrued Income Short term Investments Allowance for Doubtful accounts Accumulated Depreciation Property, Plant, Equipment Furniture & Fixtures Building Land Long Term Investment Rental Deposit Liabilities Accounts Payable Notes Payable Unearned Revenues Accrued Expense Payable Mortgage Payable Long Term Notes Payable Bonds Payable Composition of PPE Cost

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