Assets:
1. Biological Assets:
To me this is one of the most important aspects of this company as it is the
key to the gaining of income for the company.
2. Trade and other
receivables: To me this is the money that AACo is yet to receive from the customers.
They can negatively affect the company if they are not paid back, as they are
then a debt in the company.
3. Inventories and
consumables: To me inventories and
consumables are for the use of ACCo in their sales. They are the expenses,
which are valued at low prices and net realisable value.
Liabilities
1. Trade and other
payables: To myself they are the liabilities, which
are used for goods and services, which ACCo requires before the en of a
financial year for unpaid accounts, from the year.
2. Current tax
liabilities: My understanding is that these are the estimated figures for
the amount of tax, which should be paid. It is based from the current taxable
income period.
3. Provisions: These
appear to myself as the benefits, which the company offers its employees. For
example, wages, salaries and leave and long service leave.
Equity
1. Contributed equity:
Appears as the costs, which are associated with new shares and are referred to as
a deduction, net of tax or from the proceeds.
2. Reserves: To myself
these are the parts of the shareholders equity.
3. Retained
earnings: This for me means the for ever changing in the companies profit
each year after tax, taking away any other expenses involved. 