Assests, Liabilities, Stockholders Equity, Revenues and Expense

Assets 1-5

1. Cash – money in checking/savings accounts

2. Accounts Receivable – money owed by customers

3. Inventory – goods ready for sale

4. Prepaid Insurance – insurance paid in advance

5. Supplies – office or operational materials

Assets 6-10

6. Land – real estate owned by the business

7. Buildings – structures used for operations

8. Equipment – machines, tools, etc.

9. Vehicles – company cars, trucks, etc.

10. Investments – stocks, bonds held as assets

Liabilities 1-5

1. Accounts Payable – money owed to suppliers

2. Notes Payable – written promise to pay a loan

3. Wages Payable – salaries owed to employees

4. Interest Payable – interest owed on debts

5. Taxes Payable – unpaid government taxes

Liabilities 6-10

6. Unearned Revenue – customer paid in advance

7. Mortgage Payable – real estate debt

8. Utilities Payable – unpaid electricity, water bills

9. Credit Card Payable – unpaid business card balance

10. Accrued Expenses – costs incurred but not yet paid

Stockholders’ Equity 1-5

1. Common Stock – initial investment from shareholders

2. Preferred Stock – special class of shares

3. Retained Earnings – profits kept in the company

4. Additional Paid-In Capital – extra paid over par value

5. Treasury Stock – company’s own repurchased shares

Stockholders’ Equity 1-5

6. Dividends Declared – profits promised to shareholders

7. Accumulated Other Comprehensive Income – unrealized gains/losses

8. Owner’s Capital (for sole proprietors)

9. Owner’s Withdrawals (for sole proprietors)

10. Stock Options – rights given to employees to buy stock

Revenues 1- 5

1. Sales Revenue – from selling goods

2. Service Revenue – from services provided

3. Interest Revenue – from interest earned

4. Rent Revenue – from leasing property

5. Commission Revenue – from earning commissions

Revenues 6-10

6. Fees income – for collecting fee from customers

7. Dividend Revenue – from investment in other companies

8. Sales discount – 2/10, N30 for customers

9. Sales return – value of returned goods

10. Sales allowances – reduced value for damage

Expenses 1-5

1. Salaries Expense – employee pay

2. Rent Expense – building or equipment lease

3. Utilities Expense – electricity, gas, water

4. Supplies Expense – consumable office goods

5. Depreciation Expense – asset wear and tear

Expenses 6-10

6. Insurance Expense – insurance used

7. Advertising Expense – marketing and promotions

8. Interest Expense – cost of borrowed money

9. Repairs and Maintenance Expense – upkeep of assets

10. Taxes Expense – income, property, or payroll taxes