FABM 1 Notes
FABM 1 Notes
FABM 1 Notes
Current Assets are assets that can be realized Intangible Assets are non-physical assets such
(collected, sold, used up) one year after year- as patents and trademarks
end date.
• Examples:
LIABILITIES
• Cash is money on hand, or in banks,
and other items considered as are the debts and obligations of the
medium of exchange in business company to another entity.
transactions.
• Accounts Receivable are amounts due Current.Liabilities that fall due (paid,
from customers arising from credit recognized as revenue) within one year after
sales or credit services. year-end date.
• Receivable are amounts due from
clients supported by promissory
notes. Non-current Assets are liabilities that do not
• Inventories are assets held for resale fall due (paid, recognized as revenue) within
• Supplies are items purchased by an one year after year-end date.
enterprise which are unused as of the Examples include Notes Payable, Loans
reporting date. Payable, Mortgage Payable, etc.
• Prepaid Expenses are expenses paid in
advance. They are assets at the time
of payment and become expenses
through the passage of time
• Accrued Income is revenue earned
but not yet collected
• Short term investments are the
investments made by the company