Examlex
When are financial items recognized in the financial statements?
Bank Overdrafts
Happens when the amount taken out of a bank account surpasses what is in the account, leading to a negative balance.
Non-current Assets
Long-term investments or assets that are not expected to be converted into cash or used up within the business cycle of one year or the operating cycle, whichever is longer.
Bank Indebtedness
A financial obligation or debt to a bank, often in the form of loans, overdrafts, or lines of credit.
Current Liability
An obligation that a company is expected to pay within the next year or within the normal operating cycle.
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