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since noncurrent assets are fixed assets and current asset are business properties tend to be used within a years period example machinery a business can put their properties on sale example they can rent them out as hire purchasing from them the business gets money
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∙ 14y ago
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What accounts the assts division should contain?
2 main typrs of assets : A- Current Assets B- nonCurrent Assets Current assets include Cash and any other items which can convert to cash within one year , Examples of Current assets are Cash , Acc. Rec. , Inventory , Prepaid Expenses NonCurrent Assets : items can't be easily Converted into Cash & will use for extended period of time B-NonCurrent Assets include 1-Fixed Assets " Tangible Assets " : Land, building , office furniture , vehicle ... 2- Intangible Assets : GoodWill , Patent , Trademark... 3- Long Term Investment : Bonds, Security & notes
What assets are easily convertable into cash among current assets and liquid assets?
Marketable securities are those assets which can easily convert to cash when the need arise to convert them.
Where would the purchase on noncurrent assets be reported in the statement of cash flows?
Purchase of fixed asset is shown under cash flows from investing activities as an outflow of cash because purchase of assets is an investing activity and it causes reduction of cash flow.
Are accounts payableand notes payable listed under current-noncurrent classification?
Accounts payables are listed in current assets because normally creditors are paid within short term time period.
Is bonds payable a noncurrent liability?
no, it is current liability
What is the noncurrent-carrying wiring devices industry?
The noncurrent-carrying wiring devices industry is made up of companies that primarily manufacture hardware used to support electrical systems
How would you determine whether an asset is current asset or noncurrent asset?
I am taking a course in Accounting, and I was taught that an asset is current if it will be used up within one year. Long-term assets are those that last over 12 months.
What is cash and items that can be quickly convert to cash called?
Liquid assets
What is it called when you convert assets to cash without serious loss?
asset liquidity
Refers to the ease with which you can convert assets to cash without serious loss?
Liquidity
What is NAICS Code 335932?
NAICS Code 335932 covers Noncurrent-Carrying Wire Device Manufacturing
What did noncurrent-carrying wire device manufacturing earn in 1994?
Industry sales reached nearly $4.0 billion in 1994
