Accounting Types
Essay by 24 • March 19, 2011 • 367 Words (2 Pages) • 1,232 Views
Types of Assets
Cash-Monetary items that are available to meet current obligations of the business. It includes bank deposits, currency & coins, checks, money orders, and traveler's checks.
Accounts Receivable-Business claims against the property of a customer arising from the sale of goods and/or services on account.
Notes Receivable-Formal written promises given by customers or others to pay definite sums of money to the business at specified times.
Inventory-Expenditures for items held for resale in the normal course of a business's operations.
Office Supplies-Expenditures for maintaining a supply of on hand supplies such as typewriter, copier, and computer paper, pens, pencils, and special forms.
Land-Expenditures for parcels of the earth. It includes building sites, yards, and parking areas.
Buildings-Expenditures for structures erected on land and used for the conduct of business.
Equipment-Expenditures for physical goods used in a business, such as machinery or furniture. Equipment is used in a business during the production of income.
Furniture includes items needed in a business office such as tables, desks, chairs, and cabinets.
Types Of Liabilities
Accounts Payable-Creditor's claims against the business's property arising from the business's purchase of goods and/or services on account.
Notes Payable-Formal written promises to pay definite sums of money owed at specified times.
Mortgage Payable-Notes payable which are secured by a lien on land, buildings, equipment, or other property of the borrower (your company).
Types of Revenue (Income)
Sale of Products-Amounts
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