LIST OF CURRENT ASSETS

CURRENT ASSETS

• Cash and Cash Equivalents
• Financial Assets
• Trade and other Receivables
• Inventories
• Prepaid Expenses

Cash

• Checks
• Bank drafts
• Money order

Cash Equivalents
• Three-month BSP treasury bill
• Three-year BSP treasury bill purchased three months before date of maturity
• Three-month time deposit
• Three –month money market instrument
• Preference shares with specified redemption date and acquired three months before redemption date

Such investments in time deposit, money market instruments and treasury bills should be classified as follows:
• If the term is three months or less --- included in cash and cash equivalents
• If the term is more than three months but less than a year --- classified as short-term financial assets/temporary investments and presented separately as current assets.
• If the term is more than a year --- classified as noncurrent or long term investments. But if due within a year from the end of the reporting period, they are classified as short term financial assets or temporary investments.

Cash Funds for certain purposes
Included in the current assets if set aside for use in current operations or for the payment of current obligations:
• Petty cash fund
• Payroll fund
• Travel fund
• Interest fund
• Dividend fund
• Tax fund

The following are presented as Long term Investments if the cash fund is set aside for noncurrent purposes or for settlement of noncurrent obligations.

• Sinking fund
• Redemption fund
• Preference share redemption fund
• Contingent fund
• Insurance fund
• Fund for acquisition of Plant, Property and Equipment


Accounts Receivables

• Accounts Receivable (may it be assigned or unassigned)
• Notes Receivable
• Accrued Interest on Notes Receivable
• Advances to officers and employees
• Dividends Receivable
• Allowance for doubtful accounts (less)
• Notes Receivable discounted (less)
• Creditor’s debit balance (not offset against notes payable)
• Special deposits on contract bids (current if collectible currently; noncurrent if not currently collectible)
• Accrued Income/ Accrued Revenue : dividends receivable, accrued rent income, accrued royalties, accrued interest on bond, claims
• Receivable from employees

Inventories
• Merchandising purchased
• Land or property held for sale
• Finished goods, goods in process, materials and supplies awaiting for use in production
• Cost of service
• Factory Supplies
• Goods owned and on hand
• Goods in transit and sold FOB destination
• Goods in transit and purchased FOB shipping point
• Goods out on consignment: included in the consignor ( owner); excluded in the consignee
• Goods in hand of salesmen or agents
• Goods held by customers on approval or on trial
• Goods sold on installment--- included in the buyer; excluded in the seller

Prepaid Expenses
• Office supplies unused
• Prepaid insurance
• Prepaid taxes

i am not saying that this is complete..i hope this could help you..
if there are any corrections, feel free to inform me so i can correct it.
if i discover something new.. i'll just add that to this..