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Discy Latest Questions

Maneet Kaur
In:
current assetsfixed assetslist
  1. Palak
    This answer was edited.

    LIST OF FIXED AND CURRENT ASSETS FIXED ASSETS CURRENT ASSETS 1. PLANT & MACHINERY 1. CASH 2. LAND 2. CASH EQUIVALENTS 3. EQUIPMENTS 3. SHORT- TERM DEPOSITS 4. FURNITURE & FIXTURES 4. INVENTORY 5. VEHICLES 5.MARKETABLE SECURITIES 6. LEASEHOLD IMPROVEMENTS 6.OFFICE SUPPLIES 7. COMPUTER SOFTWARRead more

    LIST OF FIXED AND CURRENT ASSETS

    FIXED ASSETSCURRENT ASSETS
    1. PLANT & MACHINERY1. CASH
    2. LAND2. CASH EQUIVALENTS
    3. EQUIPMENTS3. SHORT- TERM DEPOSITS
    4. FURNITURE & FIXTURES4. INVENTORY
    5. VEHICLES5.MARKETABLE SECURITIES
    6. LEASEHOLD IMPROVEMENTS6.OFFICE SUPPLIES
    7. COMPUTER SOFTWARE7.TRADE RECEIVABLES
    8.BUILDINGS8. SHORT TERM BORROWINGS
    9. PATENTS9. ACCOUNTS RECEIVABLES
    10. TRADEMARKS10. PREPAID EXPENSES

    Presentation in the balance sheet

    Balance sheet of ABC Ltd. is as follows:

    balance sheet

    Hope this helps.

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John Hay
In:
current assetscurrent liabilitieslist
  1. Dheeraj
    This answer was edited.

    List of Current Assets and Current Liabilities  S.no Current Assets Current Liabilities 1. Sundry Debtors Sundry Creditors 2. Bills Receivables Bills Payables 3. Closing Stock Bank Loan 4. Short-term Investments Outstanding Expenses 5. Prepaid/Unexpired Expenses Salaries and Wages Payable 6. MarketaRead more

    List of Current Assets and Current Liabilities

     S.noCurrent AssetsCurrent Liabilities
    1.Sundry DebtorsSundry Creditors
    2.Bills ReceivablesBills Payables
    3.Closing StockBank Loan
    4.Short-term InvestmentsOutstanding Expenses
    5.Prepaid/Unexpired ExpensesSalaries and Wages Payable
    6.Marketable SecuritiesShort-term Obligations
    7.Cash in HandAccrued Liabilities
    8.Cash at BankNotes Payable
    9.Notes ReceivableShort-term Loans
    10.Interest ReceivablesUnearned Revenue
    11.Short-term Loans and AdvancesBank Overdraft
    12. Unused Office SuppliesRent Payable
    13.Merchandise InventoryMerchandise Accounts Payable
    14.Accrued IncomeCustomer Deposits
    15.Other Current AssetsOther Current Liabilities

    Placement in the Balance Sheet

    Current Assets and Current Liabilities

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Gorika Mehta
In:
direct expensesindirect expenseslist
  1. Dheeraj
    This answer was edited.

    Direct and Indirect expenses- Direct expenses include all those expenses which have a direct connection with the manufacture of the goods (i.e., conversion of raw materials into finished products). Such expenses are direct expenses and placed on the debit side of the trading account. These expensesRead more

    Direct and Indirect expenses-

    Direct expenses include all those expenses which have a direct connection with the manufacture of the goods (i.e., conversion of raw materials into finished products). Such expenses are direct expenses and placed on the debit side of the trading account. These expenses are also called as manufacturing expenses. The list of direct expenses is shown below-

    Indirect expenses include all those expenses that are incurred to run business activities. These expenses have no direct connection with the manufacturing of goods. Such expenses are indirect expenses and placed on the debit side of the profit & loss account. These expenses are also known as office expenses. The list of indirect expenses is shown below-

    List of Direct & Indirect Expenses-

    S.noDirect ExpensesIndirect Expenses
    1.WagesOffice rent, rates and taxes
    2.Freight and Carriage Salaries
    3.Manufacturing ExpensesLegal Charges
    4.Factory LightingAudit Fees
    5.Factory RentAdvertisement Expenses
    6.Factory InsuranceCommission Paid
    7.Gas, Water and FuelDiscount Allowed
    8.Cargo ExpensesDepreciation
    9.Import DutyBank Charges
    10.Shipping ExpensesPrinting and Stationery
    11.Dock DuesTravelling Expenses
    12.OctroiSalesmen Salaries
    13.Depreciation on machineryWarehouse Insurance
    14.Motive powerDelivery Van Expenses
    15.Clearing chargesPacking Charges
    16.Custom ChargesCarriage Outwards
    17.Coal, Oil and GreasePremises Rent
    18.Overhaul of MachineryBrokerage Charges
    19.Repairs on MachineryPostage and Cartage
    20.Upkeep and MaintenanceSelling Expenses

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Nancy Chawla
In:
intangible assetslisttangible assets
  1. Palak
    This answer was edited.

    List of Tangible and Intangible assets INTANGIBLE ASSETS TANGIBLE ASSETS 1. LEGAL FEES 1. PLANT & MACHINERY 2. PATENTS 2. CASH & CASH EQUIVALENTS 3. LICENSES 3. LAND & BUILDING 4. TRADEMARKS 4. EQUIPMENTS 5. FRANCHISES 5. FURNITURE & FIXTURES 6. GOODWILL 6. INVENTORY 7. COPYRIGHTS 7.Read more

    List of Tangible and Intangible assets

    INTANGIBLE ASSETSTANGIBLE ASSETS
    1. LEGAL FEES1. PLANT & MACHINERY
    2. PATENTS2. CASH & CASH EQUIVALENTS
    3. LICENSES3. LAND & BUILDING
    4. TRADEMARKS4. EQUIPMENTS
    5. FRANCHISES5. FURNITURE & FIXTURES
    6. GOODWILL6. INVENTORY
    7. COPYRIGHTS7. MARKETABLE SECURITIES
    8. BRAND EQUITY8. INVESTMENTS
    9. BROADCAST RIGHTS9. RAW MATERIALS
    10. RESEARCH & DEVELOPMENT10. VEHICLES

    Notes

    Intangible assets: (invisible)

    1. Legal fees – It is an intangible asset as it refers to the fees incurred in the registration of trademarks and patents.
    2. Patents – A patent is an exclusive right that is granted to an inventor by law which permits them to exclude anyone from producing, using, or selling their invention for a given period.
    3. Licenses – refers to a right that is purchased to operate a business.
    4. Trademark – refers to a legal right which protects the distinct identity of a company. It can comprise of a name, logo, slogan, or anything that depicts a company’s unique identity.
    5. Franchises – refers to a license/permission granted by the owner, under certain conditions, to produce or sell a product or service.
    6. Goodwill – refers to the reputation of a company which is determined by its profits and losses.
    7. Copyrights – It is an intellectual property right obtained by a creator usually in the fields of art, music, literary, etc, which restricts a person from publishing the content without the consent of the owner.
    8. Brand equity – refers to the value of the unique identity of a business. It can be positive or negative.
    9. Broadcast rights – refer to the rights obtained under a licensing agreement for broadcasting a program.
    10. Research & Development – includes the development of software and technological innovations of a company.

     

    Tangible assets: (visible)

    1. Plant & Machinery – used to convert raw materials into finished goods. They are recorded in the books of accounts at a depreciated value.
    2. Cash and Cash equivalents – It refers to the cash in hand and cash at bank. The cash equivalents are usually stated at the value they are convertible into cash.
    3. Land & Building – represents the ownership of a physical property of the business.
    4. Equipments – used in the production activities of a business.
    5. Furniture & Fixtures – refers to the movable equipment that is a part of the office layout.
    6. Inventory – refers to the valuable items which are usually stored in a warehouse with a plan of being sold or utilized in the process of production.
    7. Marketable securities – refers to the stocks, bonds, shares which can be easily converted into cash.
    8. Investments – refers to a liquid asset that is purchased with an expectation of being sold in the future.
    9. Raw materials – refers to the tangible materials used for manufacturing goods.
    10. Vehicles – The vehicles used by the proprietor such as a car or the trucks, tractors used for the operating activities of a business.

     

    Hope this helps.

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Singh Arjun
In:
liabilitieslist
  1. Dheeraj
    This answer was edited.

    Yes, Arjun I will provide you with an exclusive list of all the liabilities in accounting and further classify them under short-term and long-term liabilities. The major reason behind this classification is only to develop a better understanding of liabilities. I hope this list will help you and fulRead more

    Yes, Arjun I will provide you with an exclusive list of all the liabilities in accounting and further classify them under short-term and long-term liabilities. The major reason behind this classification is only to develop a better understanding of liabilities. I hope this list will help you and fulfil your requirements.

    Short-Term Liabilities

    Meaning

    The term short-term liabilities refers to the short- term financial obligations of companies, firms or enterprises to make the payments to these loans within one accounting period(i.e., within a year). These loans are generally taken to meet day to day working capital requirements of an organization such as the purchase of raw materials. Short-term liabilities are also known as current liabilities.

    Exclusive List of Items

    1. Bills payable/Trade payable
    2. Sundry creditors
    3. Accrued liabilities
    4. Term debt
    5. Advances and deposits received
    6. Short-term obligations
    7. Unearned revenue
    8. Salaries and wages payables
    9. Sales tax payable
    10. Bank loan
    11. Outstanding expenses
    12. Merchandise accounts payable
    13. Deferred revenue
    14. Commercial paper
    15. Credit-card debt
    16. Bank overdraft
    17. Dividends payable
    18. Customer deposits
    19. Current portion of long-term debt
    20. Short-term provisions and reserves
    21. Accrued payroll
    22. Notes payable to banks
    23. Short-term loans and advances
    24. Rent payable
    25. Other short-term debts

     

    Long-Term Liabilities

    Meaning

    The term long-term liabilities refers to the long-term financial obligations of the firms, companies or enterprise which remains due for more than one accounting period. Generally, such loans are either taken to acquire fixed assets or to make payment to a long-term debt such as payments to debenture holders. Long-term liabilities are also known as long-term debt or non-current liabilities.

    Exclusive List of Items

    1. Long-term borrowings/debts
    2. Specific loans for purchasing fixed assets
    3. Deferred tax liabilities
    4. Derivative liabilities
    5. Pension obligations
    6. Capital leasing
    7. Car payments
    8. Convertible debt
    9. Long-term provisions and contingencies
    10. Bonds payable
    11. Pension liabilities
    12. Debentures
    13. Mortgages payable
    14. Public deposits
    15. Long-term warrants
    16. Long-term notes payable
    17. Loans from shareholders
    18. Lease contracts
    19. Post-retirement benefits reserve
    20. Deferred long-term liability charges
    21. Deferred compensation
    22. Other non-current liabilities

     

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Sapna Takia
In:
debit and creditlisttrial balance
  1. Dheeraj
    This answer was edited.

    Trial Balance Are you facing difficulty in understanding the crux of the trial balance? I would like to help you by providing the meaning followed by items to be included on either side of the trial balance. Meaning The term trial balance refers to as the total of all the general ledger balances. ItRead more

    Trial Balance

    Are you facing difficulty in understanding the crux of the trial balance? I would like to help you by providing the meaning followed by items to be included on either side of the trial balance.

    Meaning

    The term trial balance refers to as the total of all the general ledger balances. It is a statement prepared at a certain period to check the arithmetic accuracy of the accounts (i.e., whether they are mathematically correct and balanced). It contains a list of all the general ledger accounts.

    Trading account, Profit and Loss account and Balance Sheet are prepared according to the ledger balances as posted in the trial balance.

    Now its time to learn about the various items which are placed on either side of the trial balance.

    Items that appear on the debit side of trial balance

    Generally, assets and expenses have a positive balance so they are placed on the debit side of trial balance. An asset and expense increases when it is debited and visa versa

    Exclusive List of Items

    1. Land and Buildings
    2. Plant and Machinery
    3. Furniture and Fixtures
    4. Office Tools and Equipment
    5. Cash at Bank
    6. Cash in Hand
    7. Motor Van
    8. Loss from the sale of fixed assets
    9. Travelling charges
    10. Printing and postage expenses
    11. Legal expenses
    12. Selling and distribution expenses
    13. Sundry debtors
    14. Bills receivables
    15. Commission paid
    16. Rent paid
    17. Interest paid
    18. Discount allowed
    19. Opening stock
    20. Purchases
    21. Prepaid expenses
    22. Advertisement expenses
    23. Bad Debts
    24. Wages and salaries
    25. Bank charges

    Items that appear on the credit side of trial balance

    Generally capital, revenue and liabilities have credit balance so they are placed on the credit side of trial balance. The capital, revenue and liability increases when it is credited and visa versa.

    Exclusive List of Items

    1. Sundry Creditors
    2. Bank Overdraft/Loan
    3. Bills Payables
    4. Sales (Revenue)
    5. Purchase Returns
    6. Common stock
    7. Un-earned revenues
    8. Retained earnings
    9. Rent Received
    10. Interest Received
    11. Discount from Creditors
    12. Discount on Purchases
    13. Dividend Received
    14. Interest on Drawings
    15. Bad Debts recovered
    16. Provision on Bad Debts (Cr.)
    17. Apprentice premium
    18. Miscellaneous/Sundry income
    19. Commission received
    20. Bank interest received
    21. Compensation received
    22. Outstanding income
    23. Income from investments
    24. Bonds payable
    25. Other incomes

     

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