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QuickBooks 2010 Solutions Guide for Business Owners and Accountants by Laura Madeira

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Chapter 9. Handling Current Asset Accounts Correctly

Defining an Other Current Asset

The Other Current Asset section on the Balance Sheet includes the value of noncash assets that are typically due to the company within one year (see Figure 9.1). This section is appropriate for recording prepaid expenses and cash advances to employees. This section differs in purpose from the Fixed Assets, which tracks the cost and depreciation of the land, equipment, and buildings your business owns (not rents) in the production of the service or product you sell.

Figure 9.1 Sample Chart of Accounts ...

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