Chart of Accounts

| Used to keep track of all the financial transaction in a business such as all items purchased, all bills paid, and all payroll calculations

Assets are things that a company owns that have value. This typically means they can either be sold or used by the company to make products or provide services that can be sold. Assets include physical property, such as plants, trucks, equipment and inventory. It also includes things that can’t be touched but nevertheless exist and have value, such as

1.3 Before going to the next account, let’s analyze the Accounts Payable account closer. This account is special. Look at the Control data tab

Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item.

and the all the stock within the store. An asset to the company can be seen as anything that has

a. Accounts Payable and Accrued Expenses please provide a detail [sic] explanation why there is a $50,951.18 debit balance in this account?

The accounting equation: Assets = Liabilities + Owner’s Equity. Assets are the resources of the company. Examples include cash, land, buildings, and equipment. Liabilities are “outsider claims”, the company’s obligations to creditors. Examples include accounts payable, notes payable, and income taxes payable. Owner’s Equity represents “insider claims” of the company or the owner’s share of the assets. If a business is keeping accurate records this equation should always be in balance.

(ii) An account for each unit setting forth any shares of common expenses or other charges due, the due dates thereof, the present balance due, and any interest in common surplus.”

DescriptionInvestmentBuy van w/cashFurniture on accountServices on accountRepairs Collected amountPay on accountPay electric billWithdrawalCollected amountEnding Balance

Reports revenues and expenses for a specific period of time. A firm's revenues, gains, expenses and losses are listed on the income statement. Revenue is money earned from a company’s

Reports the variance in the main income statement and balance sheet accounts and the reasons thereof.

Account groups : assets, liabilities, owners equity, revenue and expenses makes up all of the statement of financial position and statement of financial performance. They show us the budgets and also the profit/ loss.

liabilities he owes and the amount of capital he has. Normally, the lists of assets should be

Assets in the financial statement are always required and show useful information to investors and understand where the information comes from. For instance, accounts receivable net which the organization does not expect to collect all of the money it is due from all patients and insurers, (Finkler, S.A., Ward, D.M. & Calabrese, I.D., 2013). The bad debts become about of the money due. Furthermore, accounts receivables, net represents gross charges less an allowance for poor debts, and many contractual allowances established with those third party payers. Typically, an example of a bad debt would show charges of a large sum of money delivered from a hospital. Then, the contractual allowances from

Assets can be hard goods such as computers and equipment, but can also be information and intellectual property.