Charts Of Accounts - Accounting

Charts Of Accounts - Accounting

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  CHART OF ACCOUNTS By: Abdullah Karim
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  Chart of Accounts  A chart of accounts is a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger.  Assets  Liabilities  Equity  Revenue  Expense
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  Chart of Accounts  Assets Assets are economic sources that are owned by a business and are expected to benefit in future . Assets are divided into two main categories:  Current Assets  Non- current assets or Fixed assets
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  Chart of Accounts Assets  Current Assets All those assets which are expected to be used up or converted into cash within a year.  Cash on hand  Cash at Bank  Notes Receivable  Accounts Receivable  Inventory  Office supplies  Prepaid Expenses
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  Chart of Accounts Assets  Non-Current Assets/ Fixed Assets All those assets which are not expected to be used up or converted into cash with in one year.  Sub-divided into two categories: 1. Tangible Assets 2. Intangible Assets
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  Tangible Assets Thephysical Assets  Land  Building  Furniture & Fixture  Equipment  Machinery
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  Chart of Accounts Assets Non-Current Assets  Intangible Assets  Goodwill  Patents  trademarks  Franchise
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  Intangible Assets Patent: Exclusive legal right granted by the federal government for manufacture, use, and sale of a particular products.  Trademarks: Trademark is a name, symbol or design that identify a product or group of products.  Franchise: A franchise is a right granted by a company or a government unit to conduct a certain type of business in a specific geographical area.
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  Chart of Accounts  Liabilities Liabilities are debt of an organization.  Current Liabilities All those liabilities whose payment is due within a year.  Accounts Payable  Notes Payable  Unearned  Salaries payable  Interest payable
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  Chart of Accounts Liabilities  Non-Current Liabilities or Long-term Liabilities All those liabilities which the entity expect to pay after one year.  Bonds Payable  Mortgage payable  Long term Notes payable(Bank loans)  Warranty payable
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  Chart of Accounts  Equity Equity represents the owner’s claims to the assets of the business.  Capital Stock  Retained Earning
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  Chart of Accounts  Revenue Revenue is the total amount of money received by the company for goods sold or services provided during a certain time period  Sales  Commission  Fees  Rent Income  Interest income  Dividend income
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  Chart of Accounts  Expenses  An expense in accounting is the money spent or cost incurred in an entity's efforts to generate revenue. Expenses represent the cost of doing business  Transportation Expense  Salaries Expense  Rent Expense  Interest expense  Utilities expense  Depreciation Expense  Selling expense