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• Current Assets
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Asset
1
The balance sheet of a firm records the
monetary value of the assets owned by
the firm. It is money and other valuables
belonging to an individual or business.
Two major asset classes are tangible
assets and intangible assets. Tangible
assets contain various subclasses,
including current assets and fixed
assets. Current assets include inventory,
while fixed assets include such items as
buildings and equipment.
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Asset Current assets
Current assets are cash and other
assets expected to be converted to
cash or consumed either in a year or
in the operating cycle (whichever is
longer), without disturbing the normal
operations of a business. These assets
are continually turned over in the
course of a business during normal
business activity. There are 5 major
items included into current assets:
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Asset Current assets
1
The phrase net current assets (also called
working capital) is often used and refers to
the total of current assets less the total of
current liabilities.
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Asset Comparison : current assets , liquid assets and absolute liquid assets
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Current assets
Liquid assets
Absolute liquid
assets
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Accounts receivable Bookkeeping
1
Account receivables are classified as
current assets assuming that they are
due within one calendar year or fiscal
year
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Fixed asset
1
This can be compared with current assets
such as cash or bank accounts, which are
described as liquid assets
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Fixed asset
1
While these non-current assets have
value, they are not directly sold to
consumers and cannot be easily
converted to cash.
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ExxonMobil - Ratios overview
Liquidity ratios show that both companies
were financially stable, but Exxon was in a
better situation than Mobil. The Exxon’s
current and quick ratios (0.57 and 0.91
correspondingly) were higher than the Mobil’s
(0.48 and 0.67 correspondingly) and merged
company had significantly improved these
results. Ratio of net current assets as a
percent of total assets (i.e. working capital to
total assets) was distorted after the merger
(1.48) probably due to large divestitures that
followed the deal.
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National security - National Security Act of 1947
1
The national valuables in this broad sense
include current assets and national
interests, as well as the sources of
strength upon which our future as a nation
depends
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Dentsply - History
1
Acquisitions in 2011 caused the value of
long term debt to increase by 147% while
total assets grew by 146% (current assets
however decreased in value).
Acquisition/restructuring charges were one
of the reasons net income decreased
7.4%.
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Intertemporal consumption
Drawing upon empirical studies of
consumption, superannuation and windfall
gains they hypothesize that the MPC is
close to one out of current income, close
to zero for future income and somewhere
in between with respect to current assets
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Corporate finance
1
Working capital management is the
management of the company's
monetary funds that deal with the
short-term
business_operations|operating
balance of current assets and Current
liability|current liabilities; the focus
here is on managing cash,
inventory|inventories, and short-term
borrowing and lending (such as the
terms on credit extended to
customers).
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Corporate finance - Working capital management
Managing the corporation's working capital
position to sustain ongoing business operations is
referred to as working capital management.See [
http://www.studyfinance.com/lessons/workcap/ind
ex.mv Working Capital Management],
Studyfinance.com; [
http://www.treasury.govt.nz/publicsector/workingca
pital/chap2.asp Working Capital Management],
treasury.govt.nz These involve managing the
relationship between a firm's Asset#Current
assets|short-term assets and its Current
liability|short-term liabilities
1
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Corporate finance - Working capital
1
Working capital is the amount of funds
which are necessary to an organization
to continue its ongoing business
operations, until the firm is reimbursed
through payments for the goods or
services it has delivered to its
customers.Security Analysis
(book)|Security Analysis, Benjamin
Graham and David Dodd Working
capital is measured through the
difference between resources in cash or
readily convertible into cash (Current
Assets), and cash requirements (Current
Liabilities)
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Corporate finance - Management of working capital
1
Chance, Louisiana State University These policies
aim at managing the Asset#Current assets|current
assets (generally cash and cash and cash
equivalents|cash equivalents,
Inventory|inventories and debtors) and the short
term financing, such that cash flows and returns
are acceptable.[
http://www.qfinance.com/contentFiles/QF02/hbmpf
5qp/12/0/best-practice-working-capitalmanagement-techniques-for-optimizinginventories-receivables-and-payables.pdf BestPractice Working Capital Management:
Techniques for Optimizing Inventories,
Receivables, and Payables], Patrick Buchmann
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Udo Jung
Studebaker - Impact of the 1930s depression
1
By 1933, the banks were owed $6 million, though
current assets exceeded that figure
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XBRL - Presentation Linkbase
These groupings can be performed in
many ways. For example, a typical
Balance Sheet contains Assets, Equity
and Liabilities. Assets consist of Current
Assets and Non-current Assets. Current
Assets are split in Inventories,
Receivables and so on. The presentation
linkbase, using parent-child relations
organizes elements in this way and helps
users find concepts they are interested in.
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Balance sheet - Personal balance sheet
1
A personal balance sheet lists current
assets such as cash in checking
accounts and savings accounts, longterm assets such as common stock
and real estate, current liabilities
such as loan debt and mortgage
loan|mortgage debt due, or overdue,
long-term liabilities such as mortgage
and other loan debt
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Balance sheet - US small business balance sheet
1
A small business balance sheet lists
current assets such as cash, accounts
receivable, and inventory, fixed assets
such as land, buildings, and
equipment, intangible assets such as
patents, and liabilities such as
accounts payable, accrued expenses,
and long-term debt
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Balance sheet - Sample balance sheet
1
'Non-Current Assets (Fixed
Assets)'
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Balance sheet - Sample balance sheet
1
Other Non-Current Assets, e.g. Deferred Tax
Assets, Finance lease|Lease Receivable
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Solvency
'Solvency', in finance or business, is
the degree to which the current assets
of an individual or entity exceed the
Current liability|current liabilities of that
individual or entity.Zietlow 2007, p
1
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Working capital management
Managing the corporation's working
capital position to sustain ongoing
business operations is referred to as
working capital management.See
[http://www.studyfinance.com/lessons/wo
rkcap/index.mv Working Capital
Management], Studyfinance.com;
[http://www.treasury.govt.nz/publicsector/
workingcapital/chap2.asp Working Capital
Management], treasury.govt.nz These
involve managing the relationship
between a firm's Asset#Current
assets|short-term assets and its Current
liability|short-term liabilities
1
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Working capital
1
If current assets are less than current
liabilities, an entity has a 'working
capital deficiency', also called a
'working capital deficit'.
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Working capital - Calculation
The basic calculation of the working
capital is done on the basis of the gross
current assets of the firm.
1
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Working capital - Basic formula
1
*'working capital =
Gross Current
assets'
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Working capital - Basic formula
1
*'Net working capital = Current
assets – Current liabilities'.
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Working capital - Inputs
Current assets and current liabilities
include three accounts which are of
special importance. These accounts
represent the areas of the business where
managers have the most direct impact:
1
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Working capital - Inputs
1
*inventory (current
assets), and
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Working capital - Inputs
1
The current portion of debt (payable
within 12 months) is critical, because
it represents a short-term claim to
current assets and is often secured by
long term assets. Common types of
short-term debt are bank loans and
lines of credit.
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Working capital - Inputs
An increase in net working capital
indicates that the business has either
increased current assets (that it has
increased its receivables, or other
current assets) or has decreased
current liabilities—for example has
paid off some short-term creditors, or
a combination of both.
1
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Working capital - Working capital management
1
Decisions relating to working capital and
short term financing are referred to as
working capital management. These
involve managing the relationship
between a firm's Asset#Current
assets|short-term assets and its Current
liability|short-term liabilities. The goal of
working capital management is to ensure
that the firm is able to continue its
Operations management|operations and
that it has sufficient cash flow to satisfy
both maturing short-term debt and
upcoming operational expenses.
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Working capital - Working capital management
A managerial accounting strategy
focusing on maintaining efficient
levels of both components of working
capital, current assets and current
liabilities, in respect to each other.
Working capital management ensures
a company has sufficient cash flow in
order to meet its short-term debt
obligations and operating expenses.
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Working capital - Management of working capital
1
Guided by the above criteria, management
will use a combination of policies and
techniques for the management of working
capital. The policies aim at managing the
Asset#Current assets|current assets
(generally cash and cash and cash
equivalents|cash equivalents,
Inventory|inventories and debtors) and the
short term financing, such that cash flows
and returns are acceptable.
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Cash flow statement - History and variations
Net Working Capital|Net working
capital might be cash or might be the
difference between current assets and
current liabilities
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Cash flow statement - Rules (operating activities)
1
Cash Flows from Operating Activities can
be found by adjusting Net Income relative
to the change in beginning and ending
balances of Current Assets, Current
Liabilities, and sometimes Long Term
Assets
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Cash flow statement - Rules (operating activities)
1
*Decrease in non-cash
current assets are
added to net income
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Cash flow statement - Rules (operating activities)
1
If the balances of all other current assets,
long term assets and current liabilities did
not change over the year, the cash flows
could be determined by the rules above as
$100 – $25 = Cash Flows from Operating
Activities = $75
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Cash
In bookkeeping and finance, cash
refers to current assets comprising
currency or currency equivalents that
can be accessed immediately or nearimmediately (as in the case of money
market accounts). Cash is seen either
as a reserve for payments, in case of a
structural or incidental negative cash
flow or as a way to avoid a downturn
on financial markets.
1
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Working capital management - Management of working capital
1
Chance, Louisiana State University These policies
aim at managing the Asset#Current assets|current
assets (generally cash and cash and cash
equivalents|cash equivalents,
Inventory|inventories and debtors) and the short
term financing, such that cash flows and returns
are
acceptable.[http://www.qfinance.com/contentFiles/
QF02/hbmpf5qp/12/0/best-practice-workingcapital-management-techniques-for-optimizinginventories-receivables-and-payables.pdf BestPractice Working Capital Management:
Techniques for Optimizing Inventories,
Receivables, and Payables], Patrick Buchmann
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Udo Jung
Fund accounting - Nonprofit organizations
1
* Current fund – unrestricted. This fund is
used to account for current assets that can
be used at the discretion of the
organization's governing board.
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Fund accounting - Nonprofit organizations
1
* Current funds – restricted use current
assets subject to restrictions assigned
by donors or grantors.
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Assets
Goodman, Dictionary of Finance
Investment Terms, Baron's Financial
Guides, 2003 Current assets include
inventory, while fixed assets include such
items as buildings and capital
equipment|equipment.J
1
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Assets - Assets in accounting
1
Assets are listed on the balance sheet. In
a company's balance sheet certain
divisions are required by generally
accepted accounting principles (GAAP),
which vary from country to
country.Intermediate Accounting--Kieso,
et. al Assets can be divided into e.g.
current assets and fixed assets, often with
further subdivisions such as cash,
receivables and inventory.
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Nauru - Economy
However, because of
mismanagement, the Trust's fixed and
current assets were reduced
considerably, and many never fully
recovered
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Fundamental analysis - Procedures
The amount of debt also a major
consideration in determining a company's
health. It can be quickly assessed using
the debt-to-equity ratio and the current
ratio (current assets/current liabilities).
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Philippine Airlines - Financial issues
As of March 31, 2007, other current and
noncurrent assets fell by 29% to 2,960.4
million Philippine pesos and by 20% to
2,941.7 million Philippine pesos “due to the
effect of re-measurement to fair value of
certain financial assets and derivative
instruments”.http://www.philippineairlines.
com/Images/PHI-17QDecember%202007_tcm61-6305.pdf After
carrying 17% more passengers in 2009 due to
acquisition of additional aircraft and growth
in the local market, PAL annual income
report showed raise in revenues amounted to
US$1.634 billion from US$1.504 billion in 2008
1
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Circulating capital
1
Where the distinction is used, circulating
capital is a component of (total) capital,
also including fixed capital used in a single
cycle of production. In contrast to fixed
capital, it is used up in every cycle (raw
materials, basic and intermediate
materials, combustible, energy…). In
accounting, the circulating capital comes
under the heading of current assets.
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Free cash flow - Alternative Mathematical formula
where Kt represents the firm's Invested
Capital|invested capital at the end of
period t. Increases in non-cash current
assets may, or may not be deducted,
depending on whether they are considered
to be maintaining the status quo, or to be
investments for growth.
1
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Financial management
1
It includes how to raise the capital, how
to allocate it i.e. capital budgeting. Not
only about long term budgeting but
also how to allocate the short term
resources like current assets. It also
deals with the dividend policies of the
share holders.
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International Time Recording Company - The merger
CTR had a bonded indebtedness of
$6.5 million, three times its current
assets, of which $4 million was
borrowed from the Guaranty Trust
Company.Flint (1923) p.312-313 Flint
assigned it a value of $17.5 million,
while its tangible assets only added up
to $1 million
1
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Turner Broadcasting System
The company's current assets include
CNN, HLN (TV channel)|HLN, TBS (TV
network)|TBS, TNT (TV channel)|TNT,
Cartoon Network, Adult Swim, Boomerang
(TV channel)|Boomerang, TruTV and
Turner Classic Movies.
1
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Peter Chernin - TCG
1
TCG’s current assets include Chernin
Entertainment, an entertainment
production company; a majority stake
in CA Media, an Asia-based media
investment company; and several
strategic investments in U.S. based
technology and media companies
including Pandora_Radio|Pandora,
Fullscreen (company)|Fullscreen,
Tumblr, and Flipboard.
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Vancity - Growth
1
Vancity first operated out of a former machine
shop on the corner of Broadway and Quebec
streets in Vancouver. By the end of 1951,
membership had reached 2,000. Assets grew
rapidly after the introduction of transactional
account|personal chequing accounts in the
same year, reaching $5 million in 1962, $10
million in 1965, $100 million in 1973, and $1
billion by 1980. Current assets are $17.5
billion.https://www.vancity.com/AboutVancity/
VisionAndValues/History/Highlights/
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Return on net assets - Basic formulae
where Working
capital = (current
assets minus current
liabilities)
1
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Bayern München - Organization and finance
1
Other clubs often report losses, realizing
transfers via loans, whereas Bayern
always uses current assets
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Cousin marriage - Europe
1
Spain and Noricum were exceptions to this
rule, but even there the percentages did
not rise above 10%.#ShawSaller|Shaw
1984 They further point out that since
property belonging to the nobility was
typically fragmented, keeping current
assets in the family offered no advantage
compared with acquiring it by
intermarriage
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Fixed assets
1
'Fixed assets', also known as tangible
assets Dyckman, Intermediate
Accounting, Revised Ed. (Homewood
IL: Irwin, Inc. 1992),195. or 'property,
plant, and equipment' (PPE), is a term
used in accounting for assets and
property that cannot easily be
converted into cash. This can be
compared with current assets such as
cash or bank accounts, which are
described as liquid assets. In most
cases, only tangible assets are referred
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Fixed assets
1
While these non-current assets have
value, they are not directly sold to
consumers and cannot be easily
converted to cash.
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Current asset
1
Typical current assets include cash, cash
equivalents, short-term investments,
accounts receivable, stock inventory and
the portion of prepaid liabilities which will
be paid within a year.J
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Current asset
On a balance sheet, assets will typically be
classified into current assets and long-term assets.
1
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Current asset
The current ratio is calculated by
dividing total current assets by total
current liability|current liabilities. It is
frequently used as an indicator of a
company's liquidity, its ability to meet
short-term debt|short-term obligations.
1
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Notes receivable
1
'Notes Receivable' represents Cause of
action|claims for which formal
instruments of Credit (finance)|credit
are issued as evidence of debt, such as a
promissory note. The credit instrument
normally requires the debtor to pay
interest and extends for time periods of
30 days or longer. Notes receivable are
considered current assets if they are to
be paid within 1 Luis Suarez|year, and
non-current if they are expected to be
paid after one year.
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Revaluation of fixed assets - Upward revaluation
The law in Australia has been
amended recently to allow for the
payment of dividends from the
increase in value of non-current assets
in certain instances where a company
meets other liquidity tests (see section
254T of the Corporations Act 2001
(Cth)).
1
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Aldrich Ames - CIA response
1
By 1990, the CIA was certain that there
was a mole in the agency and
recruitment of new Soviet agents
came to a virtual halt from fear that
the agency could not protect its
current assets.
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Accounting liquidity - Calculating liquidity
* The current ratio is the simplest
measure and calculated by dividing
the total current assets by the total
current liabilities. A value of over
100% is normal in a non-banking
corporation. However, some current
assets are more difficult to sell at full
value in a hurry.
1
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Accounting liquidity - Calculating liquidity
1
* The quick ratio is calculated by deducting
inventories and prepayments from current
assets and then dividing by current
liabilities, giving a measure of the ability to
meet current liabilities from assets that can
be readily sold. A better way for a trading
corporation to meet liabilities is from cash
flows, rather than through asset sales, so;
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IFRS 5
'IFRS 5' refers to the International
Financial Reporting Standards
relating to Non-current assets held for
sale and discontinued operations.
1
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Indian Accounting Standards - List of Indian Accounting Standards(IND ASs)
1
* Ind AS 105 Non current Assets
Held for Sale and Discontinued
Operations *
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IAS 16 - Overview
The standard does not apply to assets
classified as held for sale in accordance
with IFRS 5|IFRS 5 Non-current Assets
Held for Sale and Discontinued
Operations and assets which require
more specialised accounting, such as
biological (IAS 41|IAS 41 Agriculture),
exploration and evaluation assets (IFRS
6|IFRS 6 Exploration for and Evaluation
of Mineral Resources), mineral rights
and reserves such as oil, natural gas and
similar non-regenerative resources.IAS
1
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Statement of Cash Flows - History and variations
1
Net Working Capital|Net working capital
might be cash or might be the difference
between current assets and current
liabilities
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Current liabilities
1
A more complete definition is that current
liabilities are obligations that will be settled
by current assets or by the creation of new
current liabilities
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Current liabilities
One application is in the current ratio,
defined as the firm's current assets divided
by its current liabilities. A ratio higher than
one means that current assets, if they can
all be converted to cash, are more than
sufficient to pay off current obligations. All
other things equal, higher values of this
ratio imply that a firm is more easily able to
meet its obligations in the coming year.
1
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Quick ratio
1
In finance, the 'Acid-test' or 'quick ratio' or
'liquid ratio' measures the ability of a
company to use its near cash or quick
assets to extinguish or retire its current
liability|current liabilities immediately.
Quick assets include those current assets
that presumably can be quickly converted
to cash at close to their book values. A
company with a Quick Ratio of less than 1
cannot currently fully pay back its current
liabilities.
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Debt ratio
'Debt Ratio' is a financial ratio that
indicates the percentage of a
company's assets that are provided via
debt. It is the ratio of total debt (the
sum of current liabilities and long-term
liabilities) and total assets (the sum of
current assets, fixed assets, and other
assets such as 'Goodwill
(accounting)|goodwill').
1
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Line of credit - Cash credit in India
1
In India, banks offer 'cash credit' accounts
to businesses to finance their working
capital requirements (requirements to buy
raw materials or 'current assets', as
opposed to machinery or buildings, which
would be called 'fixed assets')
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Line of credit - Cash credit in India
Generally, a cash credit account is
secured by a charge on the current assets
(inventory) of the organization. The kind of
charge created can be either pledge or
hypothecation.[http://www.indiainbusiness.
nic.in/investment/funding_option.htm]
1
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Current ratio
1
The 'current ratio' is a financial ratio that
measures whether or not a firm has
enough resources to pay its debts over the
next 12 months. It compares a firm's
current assets to its current liabilities. It is
expressed as follows:
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Current ratio
\mbox = \frac \mbox
Current Assets \mbox
Current Liabilities
1
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Current ratio
1
If the current ratio is too high, then
the company may not be efficiently
using its current assets or its shortterm financing facilities
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ECache
The current assets backing eCache
certificates are pure gold coins and the
currency certificates are labeled GG for
“Gram of Gold”. A digital bearer
certificate in the amount of 10GGs
would have a value of 10 grams of gold.
1
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German colonization of Valdivia, Osorno and Llanquihue - Economic impact
1
Most German settlers that arrived to
Valdivia did so with current assets,
machinery or other valuable goods
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Nuffield Organisation - The British Motor Corporation Limited
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::Current assets £54.8 million
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Nuffield Organisation - The British Motor Corporation Limited
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:::Net current assets £26.8
million
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Conrad N. Hilton Foundation - Financial information
The Foundation's current assets are
approximately $2.2 billion. Since
inception, the Foundation has awarded
more than $1 billion in grants. Currently
more than 50% supports international
charitable projects.
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Strip clubs - Financial trends
Strip clubs which practice Generally
Accepted Accounting Principles| Generally
Accepted Accounting Principles (GAAP)
typically report negative working capital,
where current liabilities exceed current
assets
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SABIC - Fiscal performance
Net profits of SABIC in 2008 touched
billion ( billion), while total assets stood
at billion ( billion) at the end of 2008
and the value of current assets at the
end of 2008 stood at billion (
billion).[http://www.sabic.com/corporat
e/en/ourcompany/factsandfigures/finan
cialperformance.aspx SABIC.com] The
Fortune 500 ranking set SABIC
revenues as of $40.2 billion.
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