Manshie F.

Campaner 12-ABM HAAU1

BOOK OF ACCOUNTS

ASSETS
- properties owned by the business.
- defined as RESOURCES controlled by the enterprise.
( Cash, Accounts Receivable, Prepaid Insurance, Office Supplies, Furniture and
Fixture, Patents, Goodwill, Buildings, Land, Machinery & Equipment and etc..)
* Accounts Receivable - owed by customers to another entity for goods and
services delivered or used on credit but not yet paid for by clients.
* Notes Receivable - claims supported by promissory note.
* Merchandise Inventory -goods on hand and are available for sale.
* Accrued Income - earned out but not yet received collected.

LIABILITIES
- present OBLIGATIONS of an enterprise arising from past transactions or events.
(Accounts Payable, Notes Payable, Mortgage Payable, Rent Payable, Tax Payable)
* Accounts Payable - are amounts due to creditors for assets acquired on
account.
* Notes Payable - amounts due to creditors “beyond” one year.
* Bonds Payable - owned by a company to obtain substantial sums of money
from lenders to finance the acquisition of equipment and other need assets.
* Mortgage Payable - long term debt of the business for which the business
entity has PLEDGED certain assets as SECURITY to the creditor.

OWNER’S EQUITY/ CAPITAL

- represents the CLAIM of the OWNER on the asset of the business.
( Dividends, Drawings/ Temporary Withdrawals)
* Capital - “ORIGINAL and ADDITIONAL INVESTMENTS” of the owner.
* Drawings/ Temporary Withdrawals - charged to this account are cash or
other assets withdrawn by the owner from the business for personal use.
* Dividends - payment made by a corporation to its shareholders.
NET LOSS - amount of money lost during the period.
NET INCOME - measure of the profitability of a venture.
REVENUE - sales or turn-over.
Carmela C. Vertudes 12- ABM HAAU1
BOOK OF ACCOUNTS

ASSETS
- things that are resources owned by a company.
(Cash, Investments, Supplies, land, Buildings, Equipment and Vehicles etc..)
* Temporary Investments - securities that can be sold in the near future.
* Accounts Receivable - balance of money due to a firm for a goods or
services delivered or used but not yet paid for by customers.
* Merchandise Inventory - cost of goods on hand and available for sale at any
given time.
* Property, plant and equipment - are physical or tangible assets that typically
have a life of more than one year.

LIABILITIES
- company’s legal financial debts or obligations.
(Accounts Payable, Rent Payable, Salaries Payable, Income Tax Payable etc..)
* Accounts Payable - money owned by a business to its suppliers.
* Notes Payable - represents the amounts that remain to be paid.
* Dividends payable - departure of cash from the company and represents a
legal obligation to pay.
* Income tax Payable - complied of taxes due to the government within 1 year.

OWNER’S EQUITY/CAPITAL
- owner’s investment in the business minus the owner’s draws or withdrawals.
(Owner’s Withdrawal, Shares, Preferred Stock, Retained Earnings, Dividend etc…)
* Owner’s Withdrawal - owner takes money out of the company.
* Preferred Stock - any combination of features not possessed by common
stock including properties of both an equity and a debt instrument.
* Retained Earnings - profits that a company has earned to date.
* Dividend - payment made by a corporation to its shareholders, usually as a
distribution of profits.

NET LOSS - negative amount of cash that is left over after all the expenses.
NET INCOME - measure of the profitability of a venture.
Ma. Guillen K. Perez 12- ABM HAAU1
BOOK OF ACCOUNTS

ASSETS
- things that are resources owned by a company.
(Cash, Investments, Supplies, land, Buildings, Equipment and Vehicles etc..)
* Temporary Investments - securities that can be sold in the near future.
* Accounts Receivable - balance of money due to a firm for a goods or
services delivered or used but not yet paid for by customers.
* Merchandise Inventory - cost of goods on hand and available for sale at any
given time.
* Property, plant and equipment - are physical or tangible assets that typically
have a life of more than one year.

LIABILITIES
- company’s legal financial debts or obligations.
(Accounts Payable, Rent Payable, Salaries Payable, Income Tax Payable etc..)
* Accounts Payable - money owned by a business to its suppliers.
* Notes Payable - represents the amounts that remain to be paid.
* Dividends payable - departure of cash from the company and represents a
legal obligation to pay.
* Income tax Payable - complied of taxes due to the government within 1 year.

OWNER’S EQUITY/CAPITAL
- owner’s investment in the business minus the owner’s draws or withdrawals.
(Owner’s Withdrawal, Shares, Preferred Stock, Retained Earnings, Dividend etc…)
* Owner’s Withdrawal - owner takes money out of the company.
* Preferred Stock - any combination of features not possessed by common
stock including properties of both an equity and a debt instrument.
* Retained Earnings - profits that a company has earned to date.
* Dividend - payment made by a corporation to its shareholders, usually as a
distribution of profits.
Yna Jean Penarijo 12- ABM HAAU1
BOOK OF ACCOUNTS

ASSETS
- Something valuable that an entity owns, benefits from, or has use of, in
generating income.
(Cash, Investments, Supplies, land, Buildings, Equipment and Vehicles etc..)

* Temporary Investments - current asset on the balance sheet.

* Accounts Receivable - balance of money due to a firm for a goods or
services delivered or used but not yet paid for by customers.
* Patent - government authority or license.
* Goodwill - established reputation of a business regarded as a quantifiable
asset

LIABILITIES
- company’s legal financial debts or obligations.
(Accounts Payable, Rent Payable, Salaries Payable, Income Tax Payable etc..)

* Accounts Payable - money owned by a business to its suppliers.

* Long-Term Liability - obligation that it is longer than one year.
* Income tax Payable - current liabilities section of a company’s balance sheet.

OWNER’S EQUITY/CAPITAL
- owner’s investment in the business minus the owner’s draws or withdrawals.
(Owner’s Withdrawal, Shares, Preferred Stock, Retained Earnings, Dividend etc…)

* Owner’s Withdrawal - owner takes money out of the company.

* Preferred Stock - any combination of features not possessed by common
stock including properties of both an equity and a debt instrument.
* Retained Earnings - profits that a company has earned to date.
* Dividend - payment made by a corporation to its shareholders, usually as a
distribution of profits.
Rhea M. Dequina 12- ABM HAAU1
BOOK OF ACCOUNTS

ASSETS
- are things or items of value owned by a business and are usually divided into
tangible or intangible. Tangible assets are physical items such as Building,
Machinery, Inventories, Receivables, Cash, Prepaid Expenses, Advance Payments
to other parties. Intangible assets normally includes non physical items.
(Cash, Investments, Supplies, land, Buildings, Equipment and Vehicles etc..)
* Accounts Receivable - balance of money due to a firm for a goods or
services delivered or used but not yet paid for by customers.
* Merchandise Inventory - cost of goods on hand and available for sale at any
given time.

LIABILITIES
- are obligations or debts, payable to outsiders or creditors. Title of liability account
usually ends with the word “Payable, interest payable, rent payable.
- Besides these, any revenue received in advance is also a liability of business
and is known as unearned revenue.
* Accounts Payable - money owned by a business to its suppliers.
* Notes Payable - represents the amounts that remain to be paid.
* Dividends payable - departure of cash from the company and represents a
legal obligation to pay.
* Income tax Payable - complied of taxes due to the government within 1 year.

OWNER’S EQUITY
- claim against the assets of the business and is equal to total assets less all
liabilities to external parties.
(Owner’s Withdrawal, Shares, Preferred Stock, Retained Earnings, Dividend etc…)
* Owner’s Withdrawal - owner takes money out of the company.
* Preferred Stock - any combination of features not possessed by common
stock including properties of both an equity and a debt instrument.
* Retained Earnings - profits that a company has earned to date.
Trizha Mae G. Lopez 12-ABM HAAU1
BOOK OF ACCOUNTS
ASSETS
- An asset is anything of value that can be converted into cash.
* Accounts Receivable - acknowledgement that the customer owes the
company.
* Inventory - this merchandise could be purchased or manufactured by the
company.
* Investments - management intends to sell in the current period.
* Long Term Assets - including Land, Building, equipment, office supplies etc..)

LIABILITIES
- the state of being legally responsible for something.
(Current Liabilities includes Taxes Payable, Bills Payable, etc..)
* Accounts Payable - payable to suppliers respect to the invoice raised when
goods or services are utilized by the company.
* Interest Payable - the amount to be paid to the lenders on the money owned.
* Accrued Expenses - salaries which are payable to the employees in the near
future.
* Dividends - declared to the shareholders by the company and are yet to be paid to
the shareholders.

OWNER’S EQUITY
- proportion of the total value of a company’s assets that can be claimed by its
owners. (sole proprietorship or partnership.)
* Owner’s Withdrawal - owner takes money out of the company.
* Preferred Stock - any combination of features not possessed by common
stock including properties of both an equity and a debt instrument.
* Retained Earnings - profits that a company has earned to date.
* Dividend - payment made by a corporation to its shareholders, usually as a
distribution of profits.