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INTRODUCTION TO ACCOUNTING - Financial accounts basic mechanism

ASSET
Account receivable
Accrued revenues
Accumulated amortisation - Goodwill
Accumulated depreciation
Allowance for doubfull debts
Building and premises
Cash on hand
Discount on purchases
Finished goods
Inventory
Investments
Land
Machinery and equipment
Motor vehicules
Notes receivables
Patents
Petty cash
Payroll
Plant, Property & Equipment
Prepaid expenses
Prepaid insurrance
Raw materials
Supplies
Trade debtors
Undeposited cash & cheques
...

LIABILITY
Accounts payable
Accrued expenses
Bonds payable
Current long term loan reimbursed
Customer deposit
Income tax payable
Mortgage payable
Notes payable
Other current liabilities
Overdraft
Payroll accruals payable
Trade creditors
Unearned revenues
Utilities payable
Wage & salaries payable
Workers compensation
...

EQUITY
Additional paid in capital
Capital
Common stock
Contributed capital
Dividends paid
Drawings
Paid in capital
Preferred stock
Retained earnings
...

INCOME
Freight income
Gain from asset disposal
Interest income
Miscellaneous income
Other income
Sales
Sales discount
Sales return and allowance
Unrealised gain
...

EXPENSE
Advertising
Bad debt expense
Car & truck expenses
Current long term loan reimbursed
Cartage inward
Commission paid
Cost of goods sold
Depreciation expenses
Electricity supply
Fees
Freight inwards
Gas supply
Heating
Income tax expense
Insurance
Internet expense
Inventory revaluation loss
Inventory losses
Lease expense
Legal & professional services
Loss from asset disposal
Mobile phone expense
Mortgage interest
Office expenses
Property tax expense
Repairs
Research & development
Sundry expenses
Supplies expense
Taxes
Telephone landline
Telephone fax
Travel
Travel, meals and entertainment
Unrealised loss
Utility expense
Wage and salaries
Water supply
...


Content published : March 25, 2011 - Last update : April 07,2012

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