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    Chap 3 - Mind Map Element FS

    Uploaded by

    Eli Syahirah
    This document outlines the key elements of a financial statement including assets, liabilities, equity/capital, revenue, and expenses. It defines current assets as short-term assets like cash, accounts receivable, inventory, and prepaid expenses. Current liabilities are short-term debts like accounts payable, bank overdrafts, and short-term loans. Non-current assets are long-term items like property, equipment, and investments. Non-current liabilities include long-term debt like long-term loans and mortgages. Equity represents the owner's investment and capital in the business. Revenue comes from sales, rents, dividends, and other sources, while expenses are costs like purchases, wages, utilities

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    Chap 3 - Mind Map Element FS

    Uploaded by

    Eli Syahirah
    110 views1 page
    This document outlines the key elements of a financial statement including assets, liabilities, equity/capital, revenue, and expenses. It defines current assets as short-term assets like cash, accounts receivable, inventory, and prepaid expenses. Current liabilities are short-term debts like accounts payable, bank overdrafts, and short-term loans. Non-current assets are long-term items like property, equipment, and investments. Non-current liabilities include long-term debt like long-term loans and mortgages. Equity represents the owner's investment and capital in the business. Revenue comes from sales, rents, dividends, and other sources, while expenses are costs like purchases, wages, utilities

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    CHAP 3 - MIND MAP ELEMENT FS.docx

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    This document outlines the key elements of a financial statement including assets, liabilities, equity/capital, revenue, and expenses. It defines current assets as short-term assets like cash, accounts receivable, inventory, and prepaid expenses. Current liabilities are short-term debts like accounts payable, bank overdrafts, and short-term loans. Non-current assets are long-term items like property, equipment, and investments. Non-current liabilities include long-term debt like long-term loans and mortgages. Equity represents the owner's investment and capital in the business. Revenue comes from sales, rents, dividends, and other sources, while expenses are costs like purchases, wages, utilities

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    110 views1 page

    Chap 3 - Mind Map Element FS

    Uploaded by

    Eli Syahirah
    This document outlines the key elements of a financial statement including assets, liabilities, equity/capital, revenue, and expenses. It defines current assets as short-term assets like cash, accounts receivable, inventory, and prepaid expenses. Current liabilities are short-term debts like accounts payable, bank overdrafts, and short-term loans. Non-current assets are long-term items like property, equipment, and investments. Non-current liabilities include long-term debt like long-term loans and mortgages. Equity represents the owner's investment and capital in the business. Revenue comes from sales, rents, dividends, and other sources, while expenses are costs like purchases, wages, utilities

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    CURRENT ASSET CURRENT LIABILITIES

    NON-CURRENT/ FIXED
    ASSET  Cash/Bank  Account payables (creditors)
     Motor vehicles  Account receivables (Debtor)  Bank overdraft
     Buildings  Stock/goods/inventories  Short-term loan
     Land  Prepaid/advanced expenses  Prepaid/advanced revenue
     Computer (prepaid water and electricity) (advanced commission
     Office equipment  Accrued revenue (accrued received)
     Furniture  Accrued expenses (accrued
    rental income, accrued
     Fixtures and fittings
    commission received) wages and salary, accrued
     Long-term investment
    interest on loan, prepaid
     Fixed deposit
     Goodwill / commission received)
    patent/trademark
    NON-CURRENT
    LIABILITIES
    ASSET FINANCIAL STATEMENT LIABILITY  Long-term
    ELEMENTS loan
     Debenture/
    Mortgage

    EQUITY/ CAPITAL REVENUE


    EXPENSES
     Transactions relate to owner of  Sales (selling stocks)
    the business  (-) Return inwards  Purchases (buying stocks)
     Capital - Owner inject/ brought in  Discount received  (-) Return outwards
    assets into business  Commission received  Discount allowed
    (equity/capital +)  Rental received  Utilities-electricity & water bill
     Drawing - owner took assets  Dividend received  Advertising expenses
    from the business (equity - )  Interest received  Commission paid/ rental paid
     Profit/Loss - can be obtained  Royalties  Salary and wages
    from SOPL  Interest on loan/interest paid
     Stationery/Insurance

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