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  • Acctg - Activity - 3.3.2.1 - Engage - Familiarizing The Accounts

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    TRISHA MAE SOLIDARIOS BRAZA
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    The document provides instructions to classify various accounts as either assets or liabilities, and further classify them as either current or non-current. It lists examples such as a mortgage loan due in two years and store supplies to demonstrate how to properly categorize accounts by their nature and timing of the cash flows. Employees' unpaid salaries are identified as a current liability, while a long-term insurance policy and written customer pledge are non-current assets.

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    Accounting

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    Acctg_activity_3.3.2.1 - Engage - Familiarizing the Accounts

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    The document provides instructions to classify various accounts as either assets or liabilities, and further classify them as either current or non-current. It lists examples such as a mortgage loan due in two years and store supplies to demonstrate how to properly categorize accounts by their nature and timing of the cash flows. Employees' unpaid salaries are identified as a current liability, while a long-term insurance policy and written customer pledge are non-current assets.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    12 views1 page

    Acctg - Activity - 3.3.2.1 - Engage - Familiarizing The Accounts

    Uploaded by

    TRISHA MAE SOLIDARIOS BRAZA
    The document provides instructions to classify various accounts as either assets or liabilities, and further classify them as either current or non-current. It lists examples such as a mortgage loan due in two years and store supplies to demonstrate how to properly categorize accounts by their nature and timing of the cash flows. Employees' unpaid salaries are identified as a current liability, while a long-term insurance policy and written customer pledge are non-current assets.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    FAMILIARIZING THE ACCOUNTS

    Instruction: Identify the accounts to their respectively classification on whether it


    is ASSET or LIABILITY.  Also determine if the account is CURRENT or NON-
    CURRENT.

    .        

    ASSET OR LIABILITY CURRENT OR NON –


    CURRENT
    Mortgage loan due in two Liability Non – Current
    years.
    Insurance policy covering Asset (Long-term assets) Non – Current
    three years.
    Store supplies. Asset Current
    A written pledge that the Asset Non – Current
    customer will pay a fixed
    amount.
    Salaries of employees not Liability Current
    yet paid.

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