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Current vs non current assets

advertising Get “AccountingCoach Pro” only with $49 (one-time payment) to master this knowledge point. Start our free accounting course Now!Non current assets are the assets held by an enterprise for more than on accounting period for use in the production or supply of goods or services, for tental to others, or for administrative purposes. It [...]

The general journal and general ledger accounts

The general journal and general ledger accounts record all the transtions and important information of the company. You must understand all the items of them, then you can analyse how the company is operating and make your business operating more better.

Accruals concept

advertising Get “AccountingCoach Pro” only with $49 (one-time payment) to master this knowledge point. Start our free accounting course Now!The accruals concept is that income and expenses should be matched together and dealt with in the income statement for the period to which they relate, regardless of the period in which the cash was actually [...]

Bookkeeping principles

Bookkeeping principles record all the transacions in the business with accounting records by double entry. It’s shown in the journals and ledger accounts. Acorrding to this, we can prepare financial statements.

Distinction between current and non-current liabilities

A current liability is a liability which is payable within 12 months of the balance sheet date.
A non-current liability is any other liability.

Prepaid expenses

A prepaid expense is an item of expense that has been paid during the current accounting period but relates to the next accounting period.

Accrued expenses

An accrued expense is an item of expense that has been incurred during the accounting period but has not yet been paid for.

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