Final answer:
This answer lists potential current and non-current assets, current and non-current liabilities, sources of revenue, general expenses, yearly expenses, and sources of income for a school's balance sheet and income statement, contrasting with a bank's balance sheet as per the provided materials.
Step-by-step explanation:
The question revolves around understanding the components of a school's financial statements by identifying current and non-current assets and liabilities, sources of revenue, general and yearly expenses, and sources of income. In the context of a school, which is different from a bank, some examples of what these categories could include (not exhaustive and exact examples would depend on the specific school's financial activities) are:
- Current Assets: Cash, accounts receivable, inventory (such as textbooks or uniforms), prepaid expenses, short-term investments, supplies, student loans receivable, bank deposits, petty cash, and government grants receivable.
- Non-Current Assets: Property, plant, and equipment (such as buildings, furniture, and computers), long-term investments, intangible assets (like copyrights), capital work in progress, and long-term receivables.
- Current Liabilities: Accounts payable, accrued expenses, short-term borrowings, deferred income, unpaid salaries and wages, current portion of long-term debt, bank overdrafts, taxes payable, accrued utility expenses, and unearned revenue.
- Non-Current Liabilities: Long-term debt, pension liabilities, deferred tax liabilities, bonds payable, capital leases, mortgage payable, long-term lease obligations, and other long-term liabilities.
- Source of Revenue: Tuition fees, government funding, donations, grants, endowments, and investment income.
- General Expenses: Salaries and benefits, utilities, maintenance, depreciation, supplies, insurance, advertising, professional fees, technology, and transportation.
- Yearly Expenses: This would typically be a comprehensive list summing up all the general and specific expenses that occur annually, such as aforementioned general expenses, with the possible inclusion of capital expenditures.
- Sources of Income: Tuition fees, government grants, donations, fundraising events, and investment earnings.
These lists assume a generic school setting and are intended to illustrate the types of items that could appear on a school's balance sheet or income statement, rather than a bank's, which is specifically illustrated in the provided materials with reserves, bonds, loans, deposits, and equity.