Current Assets:
Current assets are short-term assets that are likely to be turned into cash within a year. For example, cash, accounts receivable, inventories, and many more.
Long-term Investments:
Any investment that a company makes with a view of keeping it for more than one year is called a long-term investment.
Plant Assets:
Any assets whose useful life is more than one year and which are used to facilitate the production process are called plant assets.
Intangible Assets:
Intangible assets are those assets that do not have a physical nature but yet have value for the company. For example, Patent and
Current Liabilities:
Any liability which needs to be paid within one year is called current liability.
Long-term Liabilities:
Any liability which is not due to be paid within one year is called long-term liability.
Equity:
It is a shareholder’s fund. It is that part of the company's liabilities that are used to finance the operations of the business. They are the owner of the business.
To identify: To indicate the correct letter against each balance sheet item.
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FINANCIAL AND MANAGERIAL ACCOUNTING
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