The Assts list is restricted to current assets and fixed assets
There are other categories which need to be in the list as there are assets that are not "current" or Fixed
Understanding t...
Trevor,
Current Assets are those that last less than 12 months.
Non-Current Assets are those that last more than 12 months.
The same definition applies to Current and Non - Current Liabilities.
Accounting Standards require the above categories.
With Current and Non - Current you can have Sub-Headings.
By example, Current Assets have a Sub-Heading Cash Assets which then lists the entity's Bank Accounts.
With a Loan over say 48 months, it is necessary to have 12 months of payments as a Current Liability and the balance as a Non - Current Liability.
Those Tax Agents who belong to Professional Bodies are required to adhere to Accounting Standards.
Hope this helps.
Duncan