BK (Asset Titles)

• Coins, currency and other cash equivalents owned by the business and not yet deposited in the bank

  Cash on hand
• Is the unwithdrawn deposits in the bank

  Cash in bank
• Amounts collectible from customers for goods sold and services rendered on credit from others for loan granted

  Notes Receivable
• Claims from customers arising from goods sold or services rendered on credit

  Accounts Receivable
• Goods purchased by the business to be sold at a profit

  Merchandise Inventory
• Interest earned on notes on hand which has not been received in cash

  Interest Receivable
• Miscellaneous supplies which have been bought for office use but still unused as of the balance sheet date

  Supplies Unused
• Already paid insurance premium which are applicable in the future periods

  Prepaid Insurance
• inevitable

  unavoidable
• Tawag sa pera na binabayad sa Insurance

  Premium
• contract for Insurance

  Insurance Policy
• Tao na nakakatanggap ng pera 'pag may nagyayari

  Beneficiary
• It includes tables, chairs, showcases, counters, and other similar assets owned and used by the business in its operation

  Furniture and Fixtures
• It incudes typewriters, calculators, cash registers, and other similar assets

  Equipment
• Includes assets used for transporting merchandise

  Delivery Equipment
• It is a valuation account that reduces the total cost of fixed asset

  Accumulated Depreciation
• owned by the business used for building sites and other business purposes

  Land
• owned and used by the business and its operations

  Building
• Amounts due to the creditors which are supported by a promissory note

  Notes Payable
• Amounts due to creditors for the goods or services bought on credit

  Accounts Payable
• incurred but not yet paid

  Interest Payable
• Amounts due to the employees for services they have rendered

  Salaries Payable
• Amounts of levies imposed on income and properties

  Tax Payable
• Two Classification of Cash

  1. Cash on Hand
  2. Cash in Bank
• Deposits which can be withdrawn

  Savings or Demand Deposits
• A deposit which has a grace period

  Time/Term or Fixed Deposits
• PDC

  Post-dated check
• PDIC

  Philippine Deposit Insurance Corporation
• Evidence for Notes Receivable

  1. Promissory Note
  2. Bill of Exchange
• other name for Bill of Exchange

  Draft
• two parties for Promissory Note

  1. Maker
  2. Payee
• 3 parties of Bill of Exchange

  1. Drawer
  2. Drawee
  3. Payee
• The one who orders payment

  Drawer
• The one who ordered to make payment

  Drawee
• company or person to whom payment should be made

  Payee
• NSF

  No Sufficient Fund/Bouncing Check