Assets

• CASH is the currency on hand and money in banks under the name of the company.
• 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 is 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 the ground area used in the operation of the business.
• Building structure is a 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 fixture 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.