Accounting & Bookkeeping & Small Business Forum

[QB Newbie]

Although no one replies my previous posts, I would still like to raise my hand to ask more questions:

I thought that I'm able to find the definitions of some basic accounting terms such as [current assets] and [current liabilities] from authenticated sites (i.e. IASB, FASB etc) but resulted in hopeless. Instead, I did find defs from a search string in Google, such as with [define:current assets]. However, I consider these defs as cultural agreements rather than standardised agreements, which means I myself can also generate definitions for those terms at my interests. Therefore, let us assume that there are 1000 numbers of CPAs required to generate the list of CA and CL, would you guess how many results will agree to each other? I'll be interested in seeing the STATS.

In Wikipedia, accounts receivable belongs to the current asset. My question is that what about an account receivable last for more than a year or more than a business cycle, does it still belong to current assets? If I'm doing accounting, I will exclude it from current assets. Whoever agrees with my practice, pls reply. Otherwise, the defs in Wikipedia or other sites will roar :lol:

According to the Encyclopædia Britannica online topic 147044, it seems that an account receivable lasting for more than a year or more than a business cycle still belong to current assets. BTW, both Wikipedia and Britannica are not standards but encyclopaedia. Anyway, before national or international standards for this issue are published, organizations need a written SOP to define it. However, I have doubted that the SOP practice has ever been implemented across all the industies by large. If so, I can get Google to find them a lot, instead of just finding one or two on the first return page

[Richard Noot]

QB Newbie wrote: Although no one replies my previous posts, I would still like to raise my hand to ask more questions:

I thought that I'm able to find the definitions of some basic accounting terms such as [current assets] and [current liabilities] from authenticated sites (i.e. IASB, FASB etc) but resulted in hopeless. Instead, I did find defs from a search string in Google, such as with [define:current assets]. However, I consider these defs as cultural agreements rather than standardised agreements, which means I myself can also generate definitions for those terms at my interests. Therefore, let us assume that there are 1000 numbers of CPAs required to generate the list of CA and CL, would you guess how many results will agree to each other? I'll be interested in seeing the STATS.

In Wikipedia, accounts receivable belongs to the current asset. My question is that what about an account receivable last for more than a year or more than a business cycle, does it still belong to current assets? If I'm doing accounting, I will exclude it from current assets. Whoever agrees with my practice, pls reply. Otherwise, the defs in Wikipedia or other sites will roar :lol:

According to the Encyclopædia Britannica online topic 147044, it seems that an account receivable lasting for more than a year or more than a business cycle still belong to current assets. BTW, both Wikipedia and Britannica are not standards but encyclopaedia. Anyway, before national or international standards for this issue are published, organizations need a written SOP to define it. However, I have doubted that the SOP practice has ever been implemented across all the industies by large. If so, I can get Google to find them a lot, instead of just finding one or two on the first return page

My reply is short and simple. YOU NEED TO SIGN UP FOR UNIVERSAL'S PROFESSIONAL BOOKKEEPERS COURSE. This way you will learn bookkeeping from pros rather than the encyclopedia britannica.