Understanding Business Accounting Elements
Classified in Economy
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Assets
Current Assets
Cash
Money in the form of bank notes, coins, checks, credit card receipts, bank drafts, postal orders, etc.
Bank Deposits
Value of deposits held in financial institutions.
Inventory
Goods purchased for resale.
Accounts Receivable
Amounts owed to the business by customers for goods sold on credit.
Notes Receivable
Written promises to pay a specific sum of money, such as bills of exchange and promissory notes.
Other Receivables
Amounts owed to the business by individuals or entities other than customers.
Non-Current Assets
Land
Property owned by the business.
Buildings
Structures owned by the business.
Furniture and Equipment
Desks, chairs, tables, bookcases, scales, display cases, etc.
Computer Equipment
Central processing units, monitors, keyboards, printers, disk drives, etc.
Delivery Equipment
Vehicles used for distributing goods.
Deposits in Guarantee
Funds held as security for the performance of a contract.
Installation Costs
Expenses incurred to prepare a business location for operation.
Stationery and Supplies
Materials and supplies used in the business.
Prepaid Expenses
Prepaid Insurance
Payments made in advance for insurance coverage.
Prepaid Rent
Rent paid in advance.
Prepaid Interest
Interest paid in advance.
Liabilities
Current Liabilities
Accounts Payable
Amounts owed to suppliers for goods purchased on credit.
Notes Payable
Written promises to pay a specific sum of money.
Other Payables
Amounts owed to individuals or entities other than suppliers.
Accrued Expenses
Expenses incurred but not yet paid, such as wages, salaries, commissions, utilities, and rent.
Accrued Taxes
Taxes owed but not yet paid, such as payroll taxes, property taxes, and social security contributions.
Non-Current Liabilities
Mortgage Payable
Long-term debt secured by real estate.
Revenue
Interest Received in Advance
Interest received for periods not yet elapsed.
Rent Received in Advance
Rent received for periods not yet elapsed.