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5/14/2018 Account Titles - slidepdf.com
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ACCOUNT TITLES
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ASSET ACCOUNT Current Asset
Cash – includes coins, currency, checks
Investment in Trading Securities – debt and equity
securities purchased with the intention of selling themin the near future in order to generate short-term gainsor profits.
Notes Receivable – claims from customers evidenced by
formal promises to pay usually in the form of notes. Accounts Receivable – claims from customers arising
from sale of goods or services in the ordinary course of business.
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ASSET ACCOUNT Current Asset
Accrued Income – income already earned not yetcollected ( e.g. Rent receivable, interest receivable)
Advances to Employees – cash advance made by employee
Prepaid expenses – expenses already paid but not yetincurred (e.g. Office supplies, prepaid rent, prepaidinsurance, etc)
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ASSET ACCOUNT Property, Plant & Equipment
Land
Building Office Equipment
Furniture & Fixtures
Transportation Equipment
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LIABILITY ACCOUNT Current Liabilities
Notes Payable – amount owed to creditors evidenced by a written promise to pay
Accounts Payable – amount owed to creditors
Accrued Expenses – expenses already incurred but not yet paid (e. g. salaries payable, interest payable, rentpayable, utilities payable
Unearned Revenue – revenue already received not yetearned
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LIABILITY ACCOUNT Non-current Liabilities
Mortgage Payable – long-term debt of the business for which the business has pledged certain assets as security to the creditor
Bonds Payable – bonds issued to lenders to finance theacquisition of equipment and other needed assets.
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EQUITY ACCOUNTOwner’s Capital – a traditional
accounting term to refer to the
resources invested by the owner.
Owner’s Drawing – used to record
temporary withdrawal of cash or non-cash assets made by the owner