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    42 views20 pages

    Financial Assets PDF

    Uploaded by

    Mika

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    FINANCIAL ASSETS * Cash »* A contractual right to receive cash or any other financial asset from another entity >¢ A contractual right to exchange financial instruments under favorable conditions, and of An equity instrument of another entity CASH AND CASH EQUIVALENT. 1 Prrataenrtt rachis aut katie: also those that are acceptable by bank for deposit or immediate encashment Eee ae te eral a evi Mice cella eke ALCS Hmuele ke eculs Anu tee ict re current exchange rate Peete eh emis revenue-earning investment deposits in foreign investment which are subject to foreign exchange restriction, if material, should be ari mre aeuu tnt) Ulelate geste areas Corll Meg -Mc=teg (ad (og) clearly indicated 7S) dat CeeC ey Marlies Cec MME LiL Prt t) Cash fund - cash set aside for Current purposes such as petty cash nC mi tec PETTY CASH FUND money set aside to pay small Certs two methods of handling: Mem em CCl b. Fluctuating fund system undeposited cash cash deposited in Jie nestles jaeeaeall Nia he = Bank Reconciliation Balance per book: Unadjusted balance per book ox Add: Collected Note Recaiae 1K Less: NSF Service Charge ee (00) AddiLess: Errors 00 ‘Adjusted balance per book 2x date of acquisition Balance per bank: Unadjusted balance per bank 10K Separate line item Add: Deposit in Transit XK Less: Outstanding Checks (om) AddiLess: Errors ou ‘Adjusted balance per bank KK AAA AAAS TRADE WY) Us ua, yi REGEIVAB: ACCOUNT RECEIVABLE - IS AN OPEN ACCOUNT NOT SUPPORTED BY A PROMISSORY NOTE ~ RECOGNIZED INITIALLY AT FAIR VALUE PLUS TRANSACTION COSTS THAT ARE DIRECTLY ATTRIBUTABLE TO THE ACQUISITION - SUBSEQUENTLY MEASURED AT NET REALIZABLE VALUE OR ESTIMATED RECOVERABLE AMOUNT DEDUCTIBLES: Y ALLOWANCE FOR FREIGHT CHARGE v ALLOWANCE FOR SALES RETURN Y ALLOWANCE FOR SALES DISCOUNT Y ALLOWANCE FOR DOUBTFUL ACCOUNTS JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS ~ Co @.PiAHAU SOURCE: INTERMEDIATE ACCOUNTING 1 HOLY ANGEL UNIVERSITY BY VALIK, 2019 EDITION AND IFRS.ORG Forms Of Receivable Financing accounts receivables are pledged as tate ae g ACCOUNTS collateral security for the payment of RECEIVABLE the loan the assignor (borrower) transfers rights to some of the rights in AR to a lender called the ASSIGNMENT assignee in consideration for a loan; evidenced (i ACCOUNTS by a financing agreement and a promissory RECEIVABLE note both of which the assignor assigns. AUTEN Ug DISCOUNTING OF ACCOUNTS RECEIVABLE | NOTES RECEIVABLE factoring is a sale of ARona to discount the note the without recourse, notification payee must endorse it: It basis; factor assumes responsibility for uncollectible ey DeMwien factored accounts. In assignment, assignor retains ownership of the With recourse - the payee accounts assigned. must pay the bank if the . maker (one liable) dishonors Casual Factoring - normal the note sale of accounts receivable, Without recourse - the without other deductions payee avoids future liability Factoring as a continuing even if the maker refuses to Agreement - finance entitly pay the bank on the date of purchases all of the accounts maturity receivable of a certain entity BIOLO: a Ory Vi Wy SETS Pas 41 shall be applied to account for the biological assets, agricultural produce, government grant related to a biological asset when they relate to agricultural activity. - shall be measured at cost less accumulated depreciation and any accumulated impairment loss. - the entity shall measure the biological asset at fair value less costs to sell once the FV becomes clearly measurable. , ; ai Sie AG) 1 Uy Way Tae a) as BR ODI UG i A is the harvested predict of an are living ania entity's biological assets. In all and plants cases, entity shall measure agricultural produce at the point of harvest at fair value less cost to sell Sw AGRICULTURAL ACTIVITY management of an entity of the Lente transformation and harvest of biological assets for sale or for conversion into agricultural produce or into additional biological assets. Includes raising livestock, annual or perennial cropping, cultivating, floriculture. Harvesting from unmanaged sources, such as ocear fishing and deforestation is not agricultural activity \ \ JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS ic @uPIAKAU SOURCE: INTERMEDIATE ACCOUNTING 1 HOLY ANGEL UNIVERSITY BY VALIX, 2019 EDITION AND IFRS.ORG Jal od = y 77 TINANGIAL ASSETS Al FAIR. VALUE the price of an asset when sold in an orderly transaction between market participants at the measurement date INVESTMENT are assets not directly identified with the operating activities of an entity and occupy only an auxiliary relationship to the central revenue producing activities of the entity Purposes of vestments + Accretion of wealth - Capital appreciation * Ownership control + Meeting business requirements * Protection (e.g. interest in life insurance) iN iy y JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS > evriaiay _SOURCE:INTERMEDIATE AceOUKTING HOLY ANGEL UNIVERSITY: BY VALIX, 2019 EDITION AND IFRS.ORG- NON FINANCIAL ASSETS * Intangible assets * Physical assets (Inventories and PPEs) > Prepaid expenses > Leased assets WWE MAO) aL) ECE RW Me Geer CHUM ordinary course of business, in the PSs eee Ch mele ir L a the form of materials or supplies to be consumed in the production process or in Rett ee la ( ty TOTAAL Re FOB Destination - seller owns the goods in transit; seller is responsible for freight charges FOB Shipping Point - buyer owns the goods in transit; buyer is responsible for freight Cd OT oe ag a SDE ae ee 7 Prt ea sus mL Pree ose sa Oa een PCat) WPA a oat ea eS Freight prepaid - freight is paid by the seller Freight collect - freight is paid by the buyer CONSIGNMENT

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