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lovethepirk
Major Contributor

Joined: 10 Jul 2009
Online Status: Offline
Posts: 295

Posted: 11 Nov 2009 at 20:36 \| IP Logged

I am having trouble looking for a question I had.

We all know that a lot of the time we have to separate assets and liability's b/w current and non current.

For instance def tax would be separated on balance sheet and the current asset and liab netted, and the non current asset and liab netted.

There was a topic where you could only have a long term asset but could have a current and non current liability. I just cannot find it in my notes, book, here, or internet.

Any help would be appreciated

ltp

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joecjr
Major Contributor

Joined: 10 Oct 2009
Location: United States
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Posts: 974

Posted: 11 Nov 2009 at 21:21 \| IP Logged

hmm

well, goodwill and intangible assets are always non current assets. any idea what module you might have been in?

Governmental funds for Government accounting can only have current assets unless they loan funds to the proprietary funds, then they could have a long term asset. But governmental funds are modified accrual basis of accounting and only have current assets and current liabilities, EXCEPT in this one case.

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lovethepirk
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Joined: 10 Jul 2009
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Posts: 295

Posted: 11 Nov 2009 at 21:31 \| IP Logged

I think it was in my Becker stuff, have to wait until tomorrow but I
should find it.... It's killing me

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FAR - Not enough acc hours
REG - ""
AUD - ""
BEC - ""

Using Wiley books and CPAnet!!!

AG_CPA
Regular
Regular

Joined: 19 Jun 2009
Online Status: Offline
Posts: 106

Posted: 12 Nov 2009 at 10:49 \| IP Logged

lovethepirk - Try the following..
- Interest bearing/non interest bearing Note receivables
- DTA/DTL
- Short-term liability refinancing
- Cash surrender value
I believe, the above could go either way current or non-
current...

rgds

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lovethepirk
Major Contributor

Joined: 10 Jul 2009
Online Status: Offline
Posts: 295

Posted: 12 Nov 2009 at 12:17 \| IP Logged

Found it...

Its in Wiley and Becker. If the funding status of a Pension plan is overfunded a non current asset is posted on balance sheet. If the funding status is underfunded a current or non-current liability is posted.

Thanks all....

__________________
FAR - Not enough acc hours
REG - ""
AUD - ""
BEC - ""

Using Wiley books and CPAnet!!!

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