Chart of Accounts

Current Asset

A current asset is one that has a useful life of one year or less.

Long-term Asset

A long-term asset has a useful life of longer than one year.

Cash

Cash is a current asset. It is the most liquid asset and includes coins, checks, money orders, and bank account balances.

Accounts Receivable

Accounts receivable is a current asset that represents amounts owed by customers from sales on credit.

Notes Receivable

Notes receivable can be a current asset when due within a year. It’s a written promise to receive cash from another party.

Prepaid Expenses

Prepaid expenses are current assets paid in advance for future services (like insurance or rent).

Inventory

Inventory is a current asset consisting of goods held for sale in the normal course of business.

Supplies

Supplies are current assets used in production. They're typically low-cost items that are expensed when used.

Fixed Assets

Fixed assets are long-term assets like equipment, machinery, and vehicles, used over more than one year.

Intangible Assets

Intangible assets are long-term assets without physical form, such as goodwill, patents, or trademarks.

Cash

Asset, Balance Sheet

Accounts Receivable

Asset, Balance Sheet

Prepaid Expenses

Asset, Balance Sheet

Inventory

Asset, Balance Sheet

Fixed Assets

Asset, Balance Sheet

Accumulated Depreciation

Asset, Balance Sheet

Other Assets

Asset, Balance Sheet

Accounts Payable

Liability, Balance Sheet

Accrued Liabilities

Liability, Balance Sheet

Taxes Payable

Liability, Balance Sheet

Payroll Payable

Liability, Balance Sheet

Notes Payable

Liability, Balance Sheet

Unearned Revenue

Liability, Balance Sheet

Common Stock

Equity, Balance Sheet

Retained Earnings

Equity, Balance Sheet

Additional Paid in Capital

Equity, Balance Sheet

Revenue

Revenue, Income Statement

Sales Returns and Allowances

Revenue, Income Statement

Cost of Goods Sold

Expense, Income Statement

Advertising Expense

Expense, Income Statement

Bank Fees

Expense, Income Statement

Depreciation Expense

Expense, Income Statement

Payroll Tax Expense

Expense, Income Statement

Rent Expense

Expense, Income Statement

Supplies Expense

Expense, Income Statement

Utilities Expense

Expense, Income Statement

Wages Expense

Expense, Income Statement

Other Expenses

Other, Income Statement