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Chap 3 - Mind Map Element FS

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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Eli Syahirah
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254 views1 page

Chap 3 - Mind Map Element FS

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

Uploaded by

Eli Syahirah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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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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