Frozen Assets
Assets may be classified in many ways. In a company's balance sheet certain divisions are required by generally accepted accounting principles (GAAP), which vary from country to country. Current assets are cash and other assets expected to be converted to cash, sold, or consumed either in a year or in the operating cycle. 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: Cash — it is the most liquid asset, which includes currency, deposit accounts, and negotiable instruments (, money orders, cheque, bank drafts). Short-term investments — include securities bought and held for sale in the near future to generate income on short-term price differences (trading securities). Receivables — usually reported as net of allowance for uncollectible accounts. Inventory — trading these assets is a normal business of a company. The inventory value reported on the balance sheet is usually the historical cost or fair market value, whichever is lower. This is known as the "lower of cost or market" rule. Prepaid expenses — these are expenses paid in cash and recorded as assets before they are used or consumed (a common example is insurance).
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Location: Manchester, UK
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