ACCOUNTING TUTORIAL (Part 2)
"ASSETS"
PAALALA: "Mahaba"
~BAWAL basahin ng mga taong ayaw magka-IDEA sa Accounting :)
It takes time to Learn and Understand.
The key is "REPETITION. (basahin lamang po ng maraming beses) :)
You need Patience, Perseverance.. Sipag, Tiyaga (at Dasal na rin) 😇
Tip:
"Don't MEMORIZE, INTERNALIZE" 😊
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Topic: "ASSETS"
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#REVIEW
Assets = Liabilities + Owner's Equity
CHARACTERS" :)
a. BUSINESS = "Ikaw"
b. ASSET = Pag-aari "ng business"
c. LIABILITY = Utang "ng business" sa iba (Ex. Bank)
d. OWNER'S EQUITY = "Utang" "ng business" sa may-ari (owner)
Tinawag po nating "Utang" or "Obligation" ang Owner's Equity/Capital dahil ang point of view natin ay si "Business"
Dahil na kay BUSINESS ang mga ininvest/contributions/puhunan ni Owner, parang may "Utang" si BUSINESS dahil may "obligation" siyang ibalik ang mga yan sa may-ari/owner.
Again, our POINT of VIEW is the "Business" (not the owner po)
**
Magkaiba/hiwalay ang "Business" at "Owner" ("Entity" Concept)
1. Business = as if an "Artificial being" (our POINT OF VIEW)
2. Owner = Human being
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#START
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ASSETS:
A. Current Assets:
-Cash
-Trading Securities (Marketable Securities) (Fair value through Profit or Loss) (Short-term Investment)
-Accounts Receivable
-Allowance for Doubtful Accounts (Allowance for Bad debts)
-Notes Receivable
-Merchandise Inventory*
-Accrued "_____" Income
-Prepaid Expenses
a. (Supplies/Office Supplies/Store Supplies*)
b. (Prepaid Rent, Prepaid Salaries, etc.) - ang keyword ay "PREPAID"
-Advances "TO" Employess (Advances to Suppliers*)
-Other "current" assets
B. Noncurrent Assets
-Land
-Building
-Machinery and Equipment
-Furniture & Fixtures
-Accumulated Depreciation
-Intangible Assets
-Other "noncurrent" assets
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Ang ASSET ay nahahati sa dalawang classifications.
1. "Current" Assets
2. "Noncurrent" Assets
CURRENT = SHORT-TERM (generally, "1 year or less").
NONCURRENT = LONG-TERM (generally, "more than 1 year")
*Siyempre, pag sinabing "general", may exception. Ibig sabihin, pwedeng hindi masunod yung guide na "1 YEAR"
(dahil may tinatawag tayong "Normal operating cycle")
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Q: ANO BA ANG MGA HALIMBAWA NG "CURRENT ASSETS"?
ANS:
Current Assets:
-Cash
-Trading Securities (Marketable Securities) (Fair value through Profit or Loss) (Short-term Investment)
-Accounts Receivable
-Allowance for Doubtful Accounts (Allowance for Bad debts)
-Notes Receivable
-Merchandise Inventory*
-Accrued "_____" Income
-Prepaid Expenses
a. (Supplies/Office Supplies/Store Supplies*)
b. (Prepaid Rent, Prepaid Salaries, etc.) - ang keyword ay "PREPAID"
-Advances "TO" Employess (Advances to Suppliers*)
-Other "current" assets***
