International accounting standards 4 Flashcards
1
Q
Temporary accounts:
A
- accounts are closed
-all revenue accounts
-all expense accounts
-dividends
2
Q
Permanent accounts:
A
-accounts are not closed
-all assets accounts
-all liability accounts
-equity
3
Q
Income summary (znaczenie)
A
wynik finansowy
4
Q
Assets:
A
- Intangible assets
- Property, plant, and equipment
- Long-term investments
- Current assets
5
Q
Equity and Liabilities:
A
- Equity
- Non-current liabilities
- Current liabilities
6
Q
Liabilities=
A
Payables (zobowiązania)+Provisions (rezerwy na zobowiązania)
7
Q
Non-current assets:
A
-property, plant and equipment
-intangible assets
-investments
-other assets
8
Q
Current assets:
A
- Inventories
- Receivables
- Investments
- Cash and cash equivalents
- prepaid expenses
9
Q
Equity:
A
- share capital
-share premium - retained earnings
- accumulated other comprehensive income
-non-controlling interest (minority interest)
10
Q
Non-current liabilities:
A
- long-term bonds and notes
- long term provisiones
-other long term debr
11
Q
Current liabilities:
A
- accounts payable
- salaries and wages payable
- short term bonds and notes
- other payables
- short term provisiones
- unearned revenues
12
Q
Characteristic of property, plant and equipment
A
- Tangible long-lived assets used in the regular operations of the business.
- Physical property such as land, buildings, machinery, furniture, tools, and wasting resources (minerals).
- With the exception of land, a company either depreciates (e.g., buildings) or depletes (e.g., oil reserves) these assets.
13
Q
Intangible assets (examples):
A
- Lack physical substance and are not financial instruments.
- Patents, copyrights, franchises, goodwill(wartość firmy), trademarks, trade names, and customer lists.
- Amortize limited-life intangible assets over
their useful lives. - Periodically assess indefinite-life(we don’t know how long it takes) intangibles for impairment.
14
Q
Other non-current assets examples:
A
- long-term prepaid expenses
- non -current receivables
- assets in special funds
- property held for sale
-restricted cash or securities
15
Q
Definition of current assets:
A
Cash and other assets a company expects to convert into cash, sell, or consume either in one year or in the operating cycle, whichever is longer.
