Financial Records Obj. 6.02. Assets An Asset is a personal item that you own Current Assets are...
-
Upload
abigayle-wright -
Category
Documents
-
view
213 -
download
1
Transcript of Financial Records Obj. 6.02. Assets An Asset is a personal item that you own Current Assets are...
![Page 1: Financial Records Obj. 6.02. Assets An Asset is a personal item that you own Current Assets are items that can be sold within one year. (livestock, crops)](https://reader036.fdocuments.in/reader036/viewer/2022083006/56649f385503460f94c5454b/html5/thumbnails/1.jpg)
Financial Records
Obj. 6.02
![Page 2: Financial Records Obj. 6.02. Assets An Asset is a personal item that you own Current Assets are items that can be sold within one year. (livestock, crops)](https://reader036.fdocuments.in/reader036/viewer/2022083006/56649f385503460f94c5454b/html5/thumbnails/2.jpg)
Assets
An Asset is a personal item that you own
Current Assets are items that can be sold within one year. (livestock, crops)
Non-Current Assets are items that are used for more than one year. (breeding livestock, land)
![Page 3: Financial Records Obj. 6.02. Assets An Asset is a personal item that you own Current Assets are items that can be sold within one year. (livestock, crops)](https://reader036.fdocuments.in/reader036/viewer/2022083006/56649f385503460f94c5454b/html5/thumbnails/3.jpg)
Liabilities
A liability is debt
Current Liability is due to be paid this year. (feed)
Non Current Liability is not due to be paid this year. (future mortgages)
![Page 4: Financial Records Obj. 6.02. Assets An Asset is a personal item that you own Current Assets are items that can be sold within one year. (livestock, crops)](https://reader036.fdocuments.in/reader036/viewer/2022083006/56649f385503460f94c5454b/html5/thumbnails/4.jpg)
Formulas For Financial Records
• Total Assets = current assets+ non current assets
• Total Liabilities = current liabilities + non current liabilities
• Net Worth = total assets – total liabilities
![Page 5: Financial Records Obj. 6.02. Assets An Asset is a personal item that you own Current Assets are items that can be sold within one year. (livestock, crops)](https://reader036.fdocuments.in/reader036/viewer/2022083006/56649f385503460f94c5454b/html5/thumbnails/5.jpg)
InventoryAn Inventory is an itemized list of things owned by a business with the beginning value and depreciated value
Non-Depreciable Inventory are items that will be used up or sold within one year. (feed)
Depreciable Inventory items that have a useful life more than one year. Loses value because of age (car)