|
Accounting Study Guide by AccountingInfo.com |
| U.S. GAAP Codification | Accounting Topics |
| Examples of Asset Accounts |
| 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. |
|
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 |
| |
| Inventories |
| Inventories include merchandise or goods that are ready to be sold, and other assets that are in the process of producing goods. |
|
Merchandise 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. |
|
Land Buildings Machinery Equipment Vehicles 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. |
|
Trademark Copyright Patent Goodwill |
|
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 |
| Copyright © AccountingInfo.comTM Legal Disclaimer |