Accounting Study Guide

U.S. GAAP Codification   Accounting Topics

Examples of Asset Accounts

U.S. GAAP Codification Accounting by Topic Accounting Terms
Financial Accounting Intermediate Accounting Advanced Accounting

Financial Statements Overview

Assets and Contra-Asset Accounts
Current Assets
Current Assets include assets that are expected to be converted into cash within a year from the balance sheet date.
   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
Inventories include merchandise or goods that are ready to be sold, and other assets that are in the process of producing goods.
   Raw materials
   Work-in-process (WIP)
   Finished goods
Property, Plant, and Equipment (PP&E)
PP&E include tangible fixed assets that are used for the primary business operations.
   Leasehold improvements
Accumulated Depreciation
Accumulated depreciation is a contra-asset account which is subtracted from asset accounts.
   Land does not have accumulated depreciation, because land account is not depreciated.
   Accumulated depreciation, buildings
   Accumulated depreciation, machinery
   Accumulated depreciation, equipment
   Accumulated depreciation, vehicles
Intangible Assets
Intangible assets include assets that do not have physical substance, but provide future economic benefits.
   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.
Other Assets
Other assets include noncurrent assets that are not classified as one of the above accounts.
   Long-term notes receivable  (due after a year from the balance sheet date)
   Long-term loans related companies

U.S. GAAP Codification
Accounting Topics
Inventory Valuation Methods
Depreciation Methods
Revenue Recognition Principle
Accrual Basis vs. Cash Basis Accounting
Basics of Journal Entries
Ratios for Financial Statement Analysis
Overview of Financial Statements


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