Other assets. are miscellaneous assets that cannot be classified as current assets, fixed assets, or intangible assets. Examples of other assets include deferred tax assets, bond issue costs, advances to officers, prepaid pension costs, and long-term prepayments.
What are other assets examples?
Examples of assets that may be classified as other assets are advances to employees, bond issuance costs, deferred tax assets, and prepaid expenses.
Is Other current assets a quick asset?
Quick assets include cash on hand or current assets like accounts receivable that can be converted to cash with minimal or no discounting. Assets categorized as “quick assets” are not labeled as such on the balance sheet; they appear among the other current assets.
Which is an example of an other asset?
Other assets are a grouping of accounts that are listed as a separate line item in the assets section of the balance sheet. This line item contains minor assets that do not naturally fit into any of the main asset categories. Examples of these minor assets are: Advances to employees; Bond issuance costs; Deferred tax assets; Prepaid expenses
What does it mean to have other current assets?
Key Takeaways. Other current assets are liquid assets that are characterized as uncommon or insignificant. They are listed on the balance sheet alongside other assets and are convertible into cash within one year. Because these assets are recorded rarely, or are insignificant, the net balance in the OCA account is typically quite small.
What does it mean to have other assets on balance sheet?
Other assets is a cluster of accounts that contains all assets that cannot be readily classified as current assets or fixed assets. It is stated as a separate line item on a reporting entity’s balance sheet.
What are the other assets in the general ledger?
Other current assets is a default classification of “current asset” general ledger accounts that does not include the following major current assets: Cash Marketable securities Accounts receivable Inventory Prepaid expenses
