chart of accounts

KSB 211 Exam #1

Cash

Asset

Short-term investment

assets

accounts receivable

Asset representing money owed to a company by its customers for goods or services delivered.

notes receivable 

Asset representing amounts owed to a company by customers or borrowers for promissory notes.

Inventory

asset

supplies

asset

prepaid expenses

Always an asset; amounts paid in advance for goods or services to be received in the future.

Long-Term Investment

Asset held for more than one year intended to generate income.

equipment

assets

buildings

assets

land

assets

intangibles

Asset

account payable

liabilities owed to creditors

accrued expenses payable

liabilities incurred but not yet paid

notes payable

liabilities that a company owes on promissory notes, usually involving interest and repayment terms.

taxes payble

**liabilities ** that a company owes to tax authorities, typically due within a year.

unearned revenue

*liabilities * received in advance for goods or services that have not yet been delivered or performed.

bonds payable

liabilities that a company issues to raise funds, promising to pay back the principal along with interest at specified intervals.

common stock

stockholder’s equity

additional paid in capital

Stockholder’s equity; the amount received from stockholders in excess of the par value of the shares.

retained earnings

stockholder’s equity

sales revenue

revenue generated from the sale of goods or services.

fee revenue

revenue

interest revenue

revenue

rent revenue

revenue

service revenue

revenue

cost of goods sold

expenses

wage expense

expenses

rent expense

expense

interest expense

expenses

depreciation expense

expense

advertising expense

expense

insurance expense

expense

repair expense

expense

income tax expense

expense