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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
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This note was uploaded on 04/12/2013 for the course ACCOUNTING 1-3 taught by Professor Mr.arnoldcolle during the Spring '12 term at De La Salle University.
- Spring '12