Orga

• Controlling is a management function that involves ensuring that the work performance of the organization's members are aligned with the organization's values and standards through monitoring, comparing, and correcting their actions.
• As one starts to plan, the elements of control immediately take place.
• Manpower, productions, sales and marketing, purchases, financial, income statement, cash flow, and balance sheet are elements of control.
• Assets are things of value owned by the business and recorded in terms of their monetary value.
• Cash on hand and money in banks under the name of the company is considered as cash.
• Accounts receivable are amounts or claims from clients or customers resulting from services rendered by the company or sale of merchandise.
• Notes receivable are amounts or claims from clients or customers which are expressed in writing like promissory notes.
• Interest receivable is interest already earned but not yet collected.
• Merchandise inventory refers to goods or merchandise on hand and available for sale.
• Office supplies are supplies for office use.
• Store supplies are supplies for store use.
• Prepaid expense is an advance payment for certain services.
• Land is ground area used in the operation of the business.
• Building structure is a structure used or occupied by the business.
• Office equipment equipment for office use such as typewriters, calculators and computers.
• Store equipment equipment for store use such as weighing scales, cash registers, freezers used by the business.
• Furniture and fixtures are cabinets, tables, chairs, and light fixtures in the building.
• Accumulated depreciation is a contra-asset account that aids in determining the net worth of business assets.
• Liabilities are debts or financials of the business which usually must be paid on a specific date.
• Accounts payable are amounts owed to creditors for purchase of goods or services received.
• Notes payable are amounts expresses in written promise to pay the creditor or a specified date.
• INTEREST INCOME refers to interest earned whether received in advance or as realized and/or not yet received.
• UNEARNED (income) refers to an amount received in advance before services are rendered.
• COMMISSION INCOME refers to services commission or percentage.
• DEPRECIATION EXPENSE allocated cost of fixed assets in a current period.
• INCOME refers to the different services rendered to customers over a given accounting period.
• ADVERTISING EXPENSE cost to promote certain services and products of the business.
• UTILITIES EXPENSE refers to the cost of electricity and water used in the ordinary course of the business.
• RENT PAYABLE refers to rent already used but not have been paid.
• TAXES EXPENSE refers to taxes and licenses due to the government.
• SALARIES PAYABLE refers to employees' amounts for services done but not yet been paid.
• OWNER'S EQUITY refers to the owner's interest in the business which consists of the invested capital and results of operations whether gain or loss.
• DRAWING refers to the amount withdrawn by the owner from the assets of the business for personal use.
• INTEREST EXPENSE interest that has been already considered in a period.
• EXPENSES are the different cost rendered for the different use of a certain services offered to the business.
• SALARIES EXPENSE refers to compensation or remunerations in whatever form to employees.
• SERVICE INCOME/SERVICE FEES refers to services rendered to customers.
• CAPITAL refers to the amount of contributions of the owner to the business.
• INTEREST PAYABLE refers to interest already incurred but not yet been paid.
• RENT EXPENSE cost of the use of office space in a given period.