Unformatted text preview: ains, lighting fixtures, wall decors.. B. NON-CURRENT ASSETS
g. Store Furniture – are furniture in the store. Ex.
shelves, table, chairs, lighting fixtures, wall decors…
shelves, h. Accumulated Depreciation – contra-asset account or
off-set account representing expired cost of the plant,
property or equipment as a result of usage and
passage of time.
passage 2. LIABILITIES
Claims against assets – that is- existing debts and
A. CURRENT LIABILITIES – are those debts and
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. Trade and Other Payables
a.1 Accounts Payable – to creditors for purchase of
goods and services on credit.
a.2 Notes Payable – a liability supported by a
promissory note issued by the business to the
creditors. A. CURRENT LIABILITIES
a.3 Loans Payable – is a liability to pay a bank or a
View Full Document
- Spring '12
- Balance Sheet, Generally Accepted Accounting Principles, A. Current assets