Assets

•  these are economic resources used in the operation and are expected to benefit for the current and future years

  Assets
• n account used to record the amount of money received by the business that is composed of bills and coins, and other currencies or any negotiable instrument such as bank check and postal money order.

  Cash
• an account used to record the segregated fund from the regular fund intended for small expenditures. This fund is handled by a person called petty cash custodian.


  Petty Cash Fund
• an account used to record short-ter, highly liquid investments such as three-month time deposit or a three-month government treasury bill. This account is considered cash that is available for the normal operations and the investment is convertible to cash anytime within the accounting year.  

  Cash Equivalents
• an account used to record the purchase of investment such as stocks and bonds by the firm for a short period of time.

  Marketable securities
• an account used to record sales on account in the ordinary course of the business from customers and clients of goods and services.  

  Accounts Receivable
• an account used to record the receipt of a promissory note from the sales of goods and services in the ordinary course of the business.  

  Notes Receivable
• is an account used to record the interest earned, but not yet collected from holding promissory notes and maintaining a note receivable account.  

  Interest Receivable
• an account to record the rent income which are already earned but not yet collected as of the reporting period or the end of the accounting period. 

  Rent Receivable
•  an account used to record the merchandise or goods held in the store at the end of the reporting date  

  Merchandise Inventory
• an account used to record the inventory of supplies.  

  Supplies inventory
• this account is used to record the advance payment made on services to be received in the future. The nature of this expense is pre-payment. Examples are prepaid supplies, prepaid insurance, prepaid rent, prepaid subscription 

  Prepaid Expense
• Those that are not included in the enumeration of the current asset such as PPE.

  Non Current Assets
• an account used to record the acquisition of land used in the operation of the business

  Land
• an account used to record the acquisition or construction of a building used in the operation of the business such as office space, manufacturing and warehousing premises.  

  Building
• account used to record the purchase of equipment such as typewriters, printers, adding machines, copying machines, airconditioning units, computers, laptops, and fax machines used in the operation. If the equipment is used in the offices, the proper account to be used is office equipment, if it is used in the shop and store, the proper account is shop equipment and store equipment  

  Equipment
• account used to record the purchase and investment in cars and similar vehicles used in the business. 

  Car
• an account used to record the acquisition of tables, chairs, curtains, lighting fixtures, and wall decorations.  

  Furnitures and fixtures
• refers to the property or asset without physical existence but has economic value and requires to be recorded in the books of account. Examples are franchise, goodwill, copyright, patent and some secret formula.  

  Intangible Asset
• A contra-account to asset representing the expired cost of the plant, property or equipment as a result of continuous use and the passage of time. 

  Accumulated Depreciation