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Statement of Financial Position.ppt- Accounts Titles

b non current assets b g g store furniture are

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Unformatted text preview: ains, lighting fixtures, wall decors.. B. NON-CURRENT ASSETS B. g. g. Store Furniture – are furniture in the store. Ex. shelves, table, chairs, lighting fixtures, wall decors… shelves, h. Accumulated Depreciation – contra-asset account or Accumulated off-set account representing expired cost of the plant, property or equipment as a result of usage and passage of time. passage 2. LIABILITIES 2. Claims against assets – that is- existing debts and obligations obligations A. CURRENT LIABILITIES – are those debts and A. obligations reasonably expected to be liquidated in the normal course of the enterprise operating cycle or paid within a period of one year by the use of current assets or the creation of other current liabilities. or A. CURRENT LIABILITIES A. a. Trade and Other Payables a.1 Accounts Payable – to creditors for purchase of a.1 goods and services on credit. goods a.2 Notes Payable – a liability supported by a a.2 promissory note issued by the business to the promissory creditors. creditors. A. CURRENT LIABILITIES A. a.3 Loans Payable – is a liability to pay a bank or a financing insti...
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