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What Are Current Assets and Liabilities? Explain in Detail

by Aug 12, 2017Accounting

Current liabilities are meant as the company debt and obligations that company should pay within one year of incurring it. Current liabilities would appear in company balance sheet and would have short-term debt and would also have accounts payable and other debts. Companies normally withdraw from current assets to pay current liabilities. If you want authentic current assets and current liabilities homework answers, it is imperative that you consult authentic websites.

A current asset is cash that would come to a company within one year. A current asset is presented on the company balance sheet based on the liquidly factor. Accounts receivable, inventory supplies are some examples in which current asset are placed on the company balance sheet, and steps are taken to ensure that their entries in next year’s balance sheet are avoided.

Bank balance of the company, accounts receivables, and prepaid expenses are some of the examples under current asset heading. Inventories of work in progress, finished goods, raw materials all come under the heading of a current asset.

Understanding more about current liability

The company should check whether they have the capacity to pay off current liability which they have incurred. Current ratio method is used as one method, and another method is a use of quick ratio.

The current ratio is a method in which current assets are divided by liabilities and when a current asset is divided by current liabilities minus inventories the quick ratio is found out. There are many occasions in which company would have to take short term loans and would need to pay them within a year, and there are past transactions that have to be honored within a year. Manuals on current assets and current liabilities homework answers can surely help you deal with all the queries associated with it.

Current liabilities examples

Accounts payable is one typical case of current liabilities. The company would have taken materials from suppliers and would not have paid to them, and this unpaid invoice would lead to current liability. Dividend payable is one example of current liability and customer deposit, and deferred revenue is also part of the current liability. Sundry creditors and unearned income are also part of the current liability.

Accounting style for current liability

Credit entry is the common method for current liability; Company should have the capable to classify the account as expense and income. If a car manufacturing company receives some system from vendors that would use at a later stage of production, then the expense incurred would be recorded under credit and when payment is made cash is credited and accounts payable is debited.

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