Obligations that are due and payable less than a year are current assets.

A person who owns a business with many branches can prepare a single set of financial statements.

Small businesses, such as sari-sari stores have little or no use of accounting.

Permanent accounts are real accounts.

Contra Assets accounts are nominal accounts.

Current assets and current liabilities are also called short-term assets and short-term liabilities.

Assets that cannot be realized (collected, sold, used upon year after year-end date is non-current.

For accrual, this is what the owners of an entity have invested in an enterprise. It represents what the business owes to its owners.

Fixed asset when it expects to realize the asset or intends to sell or consume it, in its normal operating cycle; it holds the asset primarily for the purpose of trading.

A single-step Statement of Comprehensive Income offers a simplified snapshot of a company’s revenue and expenses.

Supporting schedules are additional details about operating expenses entries that are made as supplements.

The operating expenses are listed from smallest to largest.

To prepare a single-step Statement of Comprehensive Income for service business, first begin with revenue or income.

Airline industry is an example of service business.

Hardware industry is an example of merchandising business.

Use "As of" for financial statements like Statement of Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flow.

Use "For the Month/Year Ended" for financial statements like Trial Balance, Statement of Financial Position (Balance Sheet) and Post Closing Trial Balance.

Service companies have the most basic income statement of all the types of companies.

Service companies do not contain administrative and selling expenses.

Company A had a total accounts receivable of Php 110,000, inventories Php 85,000, prepaid expenses Php 20,000, non-current liabilities Php 80,000, equity Php 100,000, accounts payable Php 50,000, accrued expenses and unearned income Php 50,000 and Php 85,000 respectively. Assuming there are no other current liabilities, how much is the company’s non-current assets?

Company B’s accounting records show a total Liabilities and Equity amounting to Php 260,000, non-current assets at Php 105,000, cash Php40,000, inventory Php 70,000 and prepaid expenses Php 10,000. Assuming the company had no other assets, how much is the cost of the land?

Company C had a total non-current asset of Php 25,000, cash Php 50,000, accounts receivable Php 50,000, total liabilities and equity of Php 200,000 and Ph 50,000 respectively. Assuming the company had no other assets, how much is the notes receivable?