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,ASSETS SECTION OF BALANCE SHEET,New Words, Phrases and Special Terms,Asset: In common terms any object, tangible or intangible ,that is of value to its possessor. In most cases it either is cash or can be turned into cash; exceptions include prepayments, which may represent payments made for rent, rates, or motor licences, in cases in which the time paid for has not yet expired.,New Words, Phrases and Special Terms,Most accounting bodies throughout the world would now define an asset as a result of past transactions or events. Tangible assets include land and buildings ,plant and machinery, fixtures and fittings, trading stock, investments, debtors, and cash; Intangible assets include goodwill, patents, copyrights ,and trademarks.,New Words, Phrases and Special Terms,Liability: An obligation to transfer economic benefits (generally money) as a result of past transactions (e.g. the purchase of a fixed asset or a circulating asset) Contingent liability Current liabilities Deferred credit Long-term liability Secured liability,New Words, Phrases and Special Terms,Owners equity The funds of an organization that have been provided by its owners, i.e. its total assets less its total liabilities. The balance-sheet value of the owners equity is unlikely to be equal to its market value.,New Words, Phrases and Special Terms,Liquidity The extent to which an organizations assets are liquid, enabling it to pay its debts when they fall due and also to move into new investment opportunities. Liquidity management Liquidity risk Liquid ratio,New Words, Phrases and Special Terms,Accumulated depreciation (aggregate depreciation) The total amount of the depreciation written off the cost price or valuation of a fixed asset since it was brought into the balance sheet of an organization.,New Words, Phrases and Special Terms,Tangible asset Assets that can be touched, such as land, buildings, and machinery, as compared to intangible fixed assets, such as goodwill.,New Words, Phrases and Special Terms,Fixed assets An asset of a business intended for continuing use, rather than a short-term circulating asset (such as stock).,New Words, Phrases and Special Terms,Intangible fixed assets Fixed assets of a non-monetary nature that have no physical substance. The accounting treatment for intangible assets has been a controversial topic and assets, such as brands and publication titles, have appeared on the balance sheets of a number of well-known companies.,New Words, Phrases and Special Terms,Intangible asset (property) A property that cannot be possessed physically but that confers on its owner a legally enforceable right to receive a benefit, for example money.,SENTENCES,Financial statements are prepared at least yearly, but it is also customary to prepare them quarterly or monthly.,SENTENCES,This presentation allows the users to tell at a glance that total assets(e.g.,$259 000) are being financed by two sources:$79 000 by the creditors (i.e., liabilities) and $180 000 by the owner (i.e., owners equity).,SENTENCES,An important aspect of this statement is that the total assets always equal the sum of liabilities and owners equity.,SENTENCES,Current assets are cash and other assets that will be converted into cash or used up during the normal operating cycle of the business or one year, whichever is longer.,SENTENCES,Long-term assets are relatively long-lived assets used in operating an organization and may be further classified into fixed assets, or plant and equipment, and intangible assets.,SENTENCES,The accumulated portion of the cost taken as depreciation to date is subtracted from its original cost to obtain the book value of the asset.,SENTENCES,The field of public accounting is composed of firms that render independent, expert reports on financial statements of
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