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Chart of Accounts Assets Assets are economic sources that are owned by a business and are expected to benefit future operations.
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Chart of Accounts Assets Current Assets All those assets which change their value within a year are called current assets.
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Chart of Accounts Assets Current Assets Cash on hand Cash at Bank Accounts Receivable Notes Receivable Bills Receivable Merchandise Inventory Prepaid Expenses Contra Current Asset Account Allowances for Bad Debts
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Chart of Accounts Assets NNon-Current Assets/ Fixed Assets All those assets which do not change their value within a year are called non current Assets.
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Chart of Accounts Assets Non-Current Assets Tangible Assets Tangible Assets The physical Assets LLand BBuilding FFurniture & Fixture EEquipment MMachinery Contra Tangible Asset Allowances For Depreciation The Systematic allocation of the cost of a depreciable asset to expense over the asset useful life.
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Chart of Accounts Assets Non-Current Assets Non-Tangible Assets Goodwill Patents Copyright Contra Non-Tangible Assets Allowances for Amortization
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Chart of Accounts Equities Equity represents the owner’s claims to the assets of the business. Capital Retained Earning Reserves
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Chart of Accounts Liabilities Liabilities are debt of an organization. Current Liabilities All those liabilities which change their value within a year. Accounts Payable Notes Payable Bills Payable Unearned
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Chart of Accounts Liabilities Non-Current Liabilities All those liabilities which do not change their value within a year. Bonds Payable Mortgage
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Chart of Accounts Income The earning of the business considered the income of that business for the given time. Sales Commission Fees Rent Income All other Income
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Chart of Accounts Expenses The costs of the goods and services used up in the process of obtaining revenue. Purchases Transportation Expense Salaries Expense Rent Expense Depreciation Expense Bad Debt Expense All other Expenses
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