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A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.
The classification of accounts into real, personal and nominal is based on their nature i.e. physical asset, liability, juristic entity or financial transaction. The further classification of accounts is based on the periodicity of their inflows or outflows in the context of the fiscal year: Income is a short term inflow during the fiscal year.
Learn what assets are, the different types you can own and how they impact your financial growth.
These current assets are already liquid cash, making them immediately available if a company needs to cover a short-term liability. Certificates of deposit , money markets and short-term bonds ...
A liquid asset is an economic resource that can be quickly and easily converted into cash. Liquid assets can be sold or exchanged without significantly impacting their value. Examples of liquid ...
Current assets are the most liquid assets of a firm, which are expected to be realized within a 12-month period. Current assets include: cash - physical money; accounts receivable - revenues earned but not yet collected; Merchandise inventory - consists of goods and services a firm currently owns until it ends up getting sold
In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). [1]