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Types of Assets
Cash-Monetary items that are available to meet current obligations of the business. It
includes bank deposits, currency & coins, checks, money orders, and travelers checks.
Accounts Receivable-Business claims against the property of a customer arising from the
sale of goods and/or services on account.
Notes Receivable-Formal written promises given by customers or others to pay definite
sums of money to the business at specified times.
Inventory-Expenditures for items held for resale in the normal course of a businesss
operations.
Office Supplies-Expenditures for maintaining a supply of on hand supplies such as
typewriter, copier, and computer paper, pens, pencils, and special forms.
Land-Expenditures for parcels of the earth. It includes building sites, yards, and parking
areas.
Buildings-Expenditures for structures erected on land and used for the conduct of business.
Equipment-Expenditures for physical goods used in a business, such as machinery or
furniture. Equipment is used in a business during the production of income.
Furniture includes items needed in a business office such as tables, desks, chairs, and
cabinets.
Types Of Liabilities
Accounts Payable-Creditors claims against the businesss property arising from the
businesss purchase of goods and/or services on account.
Notes Payable-Formal written promises to pay definite sums of money owed at specified
times.
Mortgage Payable-Notes payable which are secured by a lien on land, buildings,
equipment, or other property of the borrower (your company).
Types of Revenue (Income)
Sale of Products-Amounts earned from the sale of merchandise.
