ACCOUNT TITLES

ASSET ACCOUNT
Current Asset
Cash includes coins, currency, checks Investment in Trading Securities debt and equity

securities purchased with the intention of selling them in the near future in order to generate short-term gains or 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.

ASSET ACCOUNT
Current Asset Accrued Income income already earned not yet collected ( e.g. Rent receivable, interest receivable) Advances to Employees cash advance made by employee Prepaid expenses expenses already paid but not yet incurred (e.g. Office supplies, prepaid rent, prepaid insurance, etc)

ASSET ACCOUNT
Property, Plant & Equipment Land Building Office Equipment Furniture & Fixtures Transportation Equipment

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, rent payable, utilities payable Unearned Revenue revenue already received not yet earned

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 the acquisition of equipment and other needed assets.

EQUITY ACCOUNT
Owners Capital a traditional

accounting term to refer to the resources invested by the owner. Owners Drawing used to record temporary withdrawal of cash or noncash assets made by the owner