Current Assets Noncurrent Assets

 Cash and Cash Equivalents  Property, Plant, and Equipment

o Money o Deduct
 Cash on Hand  Accumulated
 Cash in Bank Depreciation
o Money Substitutes  Impairment Loss
 Customer’s Checks o Land and Buildings
 Bank Drafts o Machinery
 Money Orders o Ships
 Manager’s Checks o Aircraft
 Cashier Checks o Motor Vehicles
 Traveler’s Checks o Furniture and Fixtures
o Current Working Funds o Office Equipment
 Petty Cash Fund
 Interest Fund
 Dividend Fund
 Payroll Fund
o Foreign Currency – unless
restricted
o Cash Deposit
o Cash in Closed-Bank
o Compensating Balance – unless
restricted to long-term loan
 Cash – unless restricted or used to settle
a liability for at least 12 months
 Cash Equivalents – short-term liquid
investments readily convertible to cash
o Three-month time deposit
o Three-month money market
placement
o Three-month BSP treasury bill
o Five-year treasury bill acquired
three months before maturity
date
o **Equity investments acquired
within three months of their
maturity

 Trade and Other Receivable  Notes Receivable
o Accounts Receivable
o Postdated Checks
o Deduct
 AFDA
 Non-trade Receivable
o Advances to Officers, Employees,
Directors, or Shareholders
o Advances to Affiliates
 o Claims against common carriers
for damages
o Advances to Supplier for
Merchandise
 Financial Assets at Fair Value  Financial Assets at Amortized Cost – long-
term investment
  Available for Sale Securities – unless held
for less than 1 year
  Held to Maturity Securities
  Investment in Equity Securities
 Inventories  Long-Term Investments
o Include o Sinking Fund
 Purchase Price o Plant Expansion Fund
 Import Duties o Bond Investment
 Taxes o Stock Investment
 Transport o Cash Surrender Value of Life
 Handling Cost Insurance
 Direct Materials o Investment in Subsidiary
 Direct Labor o Investment Property
 Overhead Cost o Investment in Joint Control Entity
o Deduct o Contingency Fund
 Trade Discounts o Insurance Fund
 Rebates o Replacement Fund
 Trade Allowance o Preference Redemption Fund
 Abnormal amount of
 Non-Interest Bearing Long-Term Loans
wasted materials
 Interest Bearing Long-Term Loans
 Storage cost – unless
necessary
 Administrative overhead
– does not contribute to
bringing inventories
 Selling Costs
 Prepaid Expenses  Intangibles
o Prepaid Rent o Copyrights
o Prepaid Advertising o Patents
o Unused Office Supplies o Licenses and Franchise
o Brand Names
o Masthead and Publishing Titles
o Computing Software
o Recipes, Formulae, Modes,
Designs, and Prototypes
o Industrial Property Rights,
Service, and Operating Rights
o Goodwill

 Trading Securities  Other Noncurrent Assets

o Debt or Equity Securities o Abandoned Property
 o Long-Term Refundable Deposits
o Long-Term Advances to
Employees or Officers

Current Liabilities Noncurrent Liabilities

 Customers with Credit Balances – should  Refinancing an Obligation for at least 12
not offset debit balances months after RP
 Entity has no discretion to roll over an
obligation
 No agreement to refinance
 Trade and Other Payables  Notes Payable
o Accounts Payable
o Income Tax Payable
o Accrued Expenses
 Breach in covenant that becomes payable  Breach in covenant with grace period
on demand after ERP and before
authorization
 Provision  Finance Lease Liability
 Liabilities for Current Tax  Long-Term Deferred Revenue
 Current Portion of Noncurrent Financial  Long-Term Borrowings (Noncurrent
Liabilities Portion)
 Short-Term Loans  Deferred Tax Liability
 Warranty Payable  Bonds Payable
 Other Current Liabilities
o Financial Liabilities Held for
Trading
o Bank Overdrafts
o Current Portion of Noncurrent
Financial Liabilities
o Dividends Payable
o Income Taxes Payable
o Other Non-Trade Payables

Equity

 Revaluation Surplus Reserve

 Share Premium
 Share Capital – Ordinary and Preference Shares
 Appropriation Reserve
 Foreign Currency Translation Reserve
 Retained Earnings