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Accounting Study Guide |
| U.S. GAAP Codification | IFRS International Standards | Accounting Topics |
| Examples of Asset Accounts |
U.S. GAAP Codification,
IFRS,
Accounting Terms,
Accounting
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Principles of Accounting,
Intermediate Accounting,
Advanced Accounting |
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Accounting Standards
ASC,
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Accounting
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| Financial Statements Overview |
| Assets and Contra-Asset Accounts |
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Current Assets |
| Current Assets include assets that are expected to be converted into cash within a year from the balance sheet date. |
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Cash Bank deposits Accounts receivable (due within
a year from the balance sheet date) Notes receivable (due within a
year from the balance sheet date) Marketable securities Short-term loans Prepaid expenses Other current assets |
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| Inventories |
| Inventories include merchandise or goods that are ready to be sold, and other assets that are in the process of producing goods. |
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Merchandise Raw materials Work-in-process (WIP) Finished goods |
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Property,
Plant, and Equipment (PP&E) |
| PP&E include tangible fixed assets that
are used for the primary business operations. |
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Land Buildings Machinery Equipment Vehicles Leasehold improvements |
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Accumulated Depreciation |
| Accumulated depreciation is a
contra-asset account which is subtracted from asset accounts. |
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Land does not have accumulated depreciation, because land account is not
depreciated. Accumulated depreciation,
buildings Accumulated depreciation,
machinery Accumulated depreciation,
equipment Accumulated depreciation,
vehicles |
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Intangible
Assets |
| Intangible assets include assets that do not
have physical substance, but provide future economic benefits. |
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Trademark Copyright Patent Goodwill |
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The amortization of intangible assets is
--> directly subtracted from the balance of related intangible assets. --> accounts such as "accumulated amortization" are not used for intangible assets. |
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Other Assets |
| Other assets include noncurrent assets that
are not classified as one of the above accounts. |
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Long-term notes receivable (due after a year from the balance sheet
date) Long-term loans related
companies |
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