Wednesday, 2 November 2011
LONGGGGG
1.The combined amount of the debit balance in the current asset account
2.A current asset account that represents an amount of cash for making small disbursements
3.A current asset account which contains the amount of investments that can and will be sold in the near future.
4.A current asset representing the cost of supplies on hand at a point in time
5.A current asset which indicates the cost of the insurance contract (premiums) that have been paid in advance.
Doubtful Account:An account who's collection looks uncertain
Assets deals with the money and supplies needed
Liabilities deals with the amount payable
Equity deals with all the stock that are owned
They are shown in the Equity section A stockholders' equity account that generally reports the net income of a corporation
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