chart of accounts assets assets are economic sources that are owned by a business and are expected...

Chart of Accounts

AssetsAssets are economic sources that are owned by

a business and are expected to benefit future operations.

Chart of AccountsAssets

Current AssetsAll those assets which change their value within

a year are called current assets.

Chart of AccountsAssetsCurrent Assets Cash on hand Cash at Bank Accounts Receivable Notes Receivable Bills Receivable Merchandise Inventory Prepaid Expenses

Contra Current Asset AccountAllowances for Bad Debts

Chart of AccountsAssets

Non-Current Assets/ Fixed AssetsAll those assets which do not change their value within a year are called non current Assets.

Chart of AccountsAssetsNon-Current AssetsTangible Assets

Tangible AssetsThe physical Assets

Land Building Furniture & Fixture Equipment Machinery

Contra Tangible AssetAllowances For DepreciationThe Systematic allocation of the cost of a depreciable

asset to expense over the asset useful life.

Chart of AccountsAssetsNon-Current Assets

Non-Tangible Assets Goodwill Patents

Copyright

Contra Non-Tangible Assets

Allowances for Amortization

Chart of Accounts

Equities

Equity represents the owner’s claims to the assets of the business.

Capital Retained Earning Reserves

Chart of Accounts

LiabilitiesLiabilities are debt of an organization.

Current LiabilitiesAll those liabilities which change their value within a year.

Accounts Payable Notes Payable Bills Payable Unearned

Chart of AccountsLiabilities

Non-Current LiabilitiesAll those liabilities which do not change their

value within a year. Bonds Payable Mortgage

Chart of Accounts

IncomeThe earning of the business considered the income of that business for the given time.

Sales Commission Fees Rent Income All other Income

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