ACCT 103 Lecture Notes - Lecture 32: Deferred Income, Issued Shares, Sinking Fund
24 Nov 2020
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Long term investments= >1 year or noc. Investments in securities like bonds, common stock, or long term notes, Investments in tangible fixed assets not currently used in operations like land held for speculation. Investments set aside in cash restricted funds (special funds) like a sinking fund, pension fund, plant expansion fund, or cash surrender value of life insurance. Investments in nonconsolidated subsidiaries or affiliated companies (equity investments) operations of the business. Property, plant and equipment- tangible long lived assets used in the regular. Intangible assets- lack physical substance and are not financial assets. Other assets- only unusual items sufficiently different from assets included in copyrights, franchises, goodwill, trademark (use amortization) specific categories. Current liabilities- conditions: when?-expected to be settled within 1 year or noc whichever is longer. How?-money from items classified as current assets and or current liabilities. You make judgment at end of fiscal period services. Payables resulting from the acquisition of goods and services.
