Current Assets & Current Liabilities Homework Help
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Understanding the subject and topic
To break it down, Current Assets are simply assets that can be converted into cash with an allotted time period (12 months in usual case). Some of the general examples of current assets include:
- Bank balance of a company
- Cash balance available with a company
- Prepaid expenses
- Account receivables or bill receivables
- Inventories which include finished goods or raw materials
When providing Current Assets & Current Liabilities homework help, we will be including all of these examples for presenting a practical approach. We ensure that the standard of the assignment papers offered from us will help you to fetch maximum marks in your semesters.
Current Liability is another familiar term in the world of accounting. To put it in simple terms, Current Liability is rather an obligation that is due within 1 year of the date of any firm’s balance sheet.The presentation of Current Liability usually goes as:
- Cardinal portion of notes payable which will become due within 1 year
- Accounts payable
- Remaining current liabilities including income taxes payable, interest payable, payroll taxes payable and other accrued expenses.
Similarly, some of the examples of Current Liability include:
- Interest, tax and Dividend payment
- Bank loan (due within a year)
- Short term loans
- Unearned income
- Sundry Creditors
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