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#cfa-level-1 #reading-23-financial-reporting-mechanics
Exhibit 2. Common Accounts
Assets

  • Cash and cash equivalents

  • Accounts receivable, trade receivables

  • Prepaid expenses

  • Inventory

  • Property, plant, and equipment

  • Investment property

  • Intangible assets (patents, trademarks, licenses, copyright, goodwill)

  • Financial assets, trading securities, investment securities

  • Investments accounted for by the equity method

  • Current and deferred tax assets

  • [for banks, Loans (receivable)]

Liabilities

  • Accounts payable, trade payables

  • Provisions or accrued liabilities

  • Financial liabilities

  • Current and deferred tax liabilities

  • Reserves

  • Unearned revenue

  • Debt payable

  • Bonds (payable)

  • [for banks, Deposits]

Owners’ Equity

  • Capital, such as common stock par value

  • Additional paid-in capital

  • Retained earnings

  • Other comprehensive income

  • Minority interest

Revenue

  • Revenue, sales

  • Gains

  • Investment income (e.g., interest and dividends)

Expense

  • Cost of goods sold

  • Selling, general, and administrative expenses “SG&A” (e.g., rent, utilities, salaries, advertising)

  • Depreciation and amortization

  • Interest expense

  • Tax expense

  • Losses

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3.1. Financial Statement Elements and Accounts
ounting periods), and sales returns and allowances (an offset to revenue reflecting any cash refunds, credits on account, and discounts from sales prices given to customers who purchased defective or unsatisfactory items). <span>Exhibit 2. Common Accounts Assets Cash and cash equivalents Accounts receivable, trade receivables Prepaid expenses Inventory Property, plant, and equipment Investment property Intangible assets (patents, trademarks, licenses, copyright, goodwill) Financial assets, trading securities, investment securities Investments accounted for by the equity method Current and deferred tax assets [for banks, Loans (receivable)] Liabilities Accounts payable, trade payables Provisions or accrued liabilities Financial liabilities Current and deferred tax liabilities Reserves Unearned revenue Debt payable Bonds (payable) [for banks, Deposits] Owners’ Equity Capital, such as common stock par value Additional paid-in capital Retained earnings Other comprehensive income Minority interest Revenue Revenue, sales Gains Investment income (e.g., interest and dividends) Expense Cost of goods sold Selling, general, and administrative expenses “SG&A” (e.g., rent, utilities, salaries, advertising) Depreciation and amortization Interest expense Tax expense Losses For presentation purposes, assets are sometimes categorized as “current” or “non-current.” For example, Tesco (a large European retailer) prese


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