ACCOUNT
We assign "accounts" to the families of similar "items" that have been the objects of business transactions. The following are the common accounts that companies use all around the world and the Family they belong tp (although each company can customize their own):
-ASSET ACCOUNTS-
- a resource controlled by the entity as a result of past events from which future economic benefits are expected to flow to the entity.
- increase with debits, decrease with credits -
Cash - laymen's "money", paper bills, coins, money in the bank and eWallets (such as GCash, PayMaya, PayPal, and Coins.Ph), checks
Accounts Receivable - (opposite of Accounts Payable) collectibles from customers arising from goods sold or services performed by the company but were not immediately paid for and are yet to be collected at a later time.
Notes Receivable - collectibles from loans that were granted to other entities.
Merchandise Inventory - Goods that are sold in the ordinary course of business.
Supplies - bond papers, envelopes and boxes, notebooks and pads, staplers, scissors, tapes, glues, inks, pencils, pens, calculators, hand soaps, sanitizers, towels, detergents, dishwashing pastes, brooms, dust pans, dustbins, garbage bags, medicines, band-aids, flashlights, batteries, etc.
Prepaid Rent - rents paid in advance but will be used later on.
Prepaid Insurance - insurances for Life Insurance, Vehicle Insurance, Insurance on Losses, etc.
Land - for lands
Building - for structures such as high-rise buildings, waiting sheds, terminals, warehouses, halls, etc.
Machinery - for mechanical devices such engines, turbines, cranes, choppers/ grinders, etc.
Equipment - computers, printers, scanners, cameras, microscopes, etc.
Furniture - chairs, tables, desks, cabinets, etc.
Fixtures - paintings, chandeliers, vases, etc.
Vehicles - cars, trucks, motorcycles, etc.
Intangible assets - goodwill, trademarks, domain (the " .com" of your company website), copyrights, franchises, patents, licenses, etc.