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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