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D Answers a and c above.
Current assets statement of financial position. It is an important indicator of the companys financial status because it is used to cover short term obligations of the companys operations. Current Assets are often referred to as Liquid Assets and are listed in the Statement of Financial Position according to their order of liquidity - usually starting with. Cash in bank 4000 Accounts receivable 7000 Notes receivable 2500 Note receivable discounted 400000 Inventory 4500 Financial asset FVPL 1000 Financial asset.
Manila Financial Accounting and Reporting 6727 STATEMENT OF FINANCIAL POSITION. Balance Sheet or Statement of Financial Position is one of the five Financial Statements that report three main important financial information of the entity at the end of the balance sheet date. An entity reported the following current assets on December 31 2020.
A All financial position accounts are tied directly to sales. Accessed July 13 2021. Current assets are assets that are.
Below are the statements of financial position as at 31st. Intangible assets are not listed under current assets in pink showing their long-term useful life. If the company suffers from a decline in its current assets then that means it needs to find new means to finance its activities.
These three important information are covering Assets Liabilities and Equity. The greater of historic cost and current value b. The lower of historic cost and current value c.
This organizations board might want to consider designating some of the 75000 into a cash reserve fund and an equipment maintenance and replacement fund. Answer the following Current assets are stated in the statement of financial position at a. CPA REVIEW SCHOOL OF THE PHILIPPINES.
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