Chart of Accounts

ASSETS

1. Cash – Money in the form of currency, coins, and demand deposits.

2. Cash on Hand – Physical cash held by the business, such as bills and coins in a cash register or safe.

3. Cash in Bank – Business funds deposited in a bank account.

4. Cash Overage or Shortage – A temporary account used to record discrepancies in cash counts, typically in cash registers.

5. Accounts Receivable – Money owed by customers for goods or services sold on credit.

6. Accounts Receivable – Assigned – Accounts receivable pledged as collateral for a loan or financing.

7. Advances to Associate – Funds given to an associate or partner, often for future expenses or investments.

8. Advances to Employees – Money given to employees in advance of payroll or for work-related expenses.

9. Advances to Suppliers – Prepayments made to suppliers for goods or services.

10. Allowance for Bad Debts – A reserve account for estimated uncollectible accounts receivable.

11. Allowance for Impairment Loss – A contra-asset account that records expected losses due to asset impairment.

12. Allowance for Sales Discount – An account that reflects expected discounts customers may take for early payment.

13. Amortized Cost Asset – Financial assets measured at amortized cost, using the effective interest method.

14. Inventory – Goods held for sale in the normal course of business.

15. Investment in Associate – An equity investment in another company where the investor has significant influence.

16. Investment in Bonds – FVOCI – Bonds classified as Fair Value through Other Comprehensive Income (FVOCI), meaning unrealized gains/losses go to OCI.

17. Investment in Bonds at Amortized Cost – Bonds held at amortized cost rather than fair value.

18. Investment in Debt Securities – Investments in bonds, treasury bills, or other debt instruments.

19. Investment in Equity Securities – Cost – Equity investments recorded at historical cost.

20. Investment in Equity Securities – FVOCI – Equity investments classified as FVOCI, with unrealized gains/losses reported in OCI.

21. Investment in Ordinary Shares – Investments in common stock.

22. Investment in Preference Shares – Investments in preferred stock, which usually pay fixed dividends.

23. Land – The value of land owned by the company.

24. Machinery – Equipment used in business operations, excluding office furniture.

25. Medical Supplies – Inventory of medical-related supplies.

26. Note Receivable – A written promise by a debtor to pay a specified amount at a future date.

27. Petty Cash Fund – A small amount of cash set aside for minor business expenses.

28. Prepaid Freight – Payments made in advance for shipping or freight services.

29. Receivable from Cashier / Loss on Cash Shortage – Amounts due from a cashier due to cash shortages.

30. Receivable from Factor – Accounts receivable sold to a factor (third party) that collects the debt.

LIABILITIES

31. Accounts Payable – Money owed to suppliers for goods or services purchased on credit.

32. Deposit Liability – Depositor – Deposits held by the company on behalf of customers.

33. Discount on Loan Payable – The difference between the loan amount and the net amount received due to an initial discount.

34. Discount on Loans Payable – Same as above but may apply to multiple loan accounts.

35. Liability Incurred on Behalf of Associate – Liabilities assumed by the business on behalf of an associate.

36. Liability on Repurchase Agreement – A liability for securities sold under repurchase agreements.

37. Liability on Service Obligation – Liabilities related to services that a company is obligated to provide in the future.

38. Loan Payable – Borrowed funds that must be repaid.

39. Payable – General term for obligations due to suppliers, employees, or creditors.

40. Payable to Employee – Amounts owed to employees, such as wages, bonuses, or reimbursements.

41. Recourse Obligation – A liability incurred when selling accounts receivable with recourse, meaning the seller guarantees collection.

EQUITY

42. Retained Earnings – The accumulated net income of a company that has not been distributed as dividends.

43. Revaluation Surplus – Associate – An equity adjustment due to the revaluation of an associate’s assets.

REVENUES

44. Commission Income – Earnings from commission-based transactions.

45. Dividend Income – Earnings from investments in stocks.

46. Gain on Cash Overage – Profit recorded when a cash register has more money than expected.

47. Gain on Investment – P/L – Profits from investment transactions reported in profit and loss.

48. Gain on Sale of Equipment – Profit from selling business equipment.

49. Gain on Sale of Machinery – Profit from selling machinery.

50. Gain on Sale of Securities – Profit from selling stocks, bonds, or other securities.

51. Sales – Revenue from selling goods or services.

52. Sales Discounts Forfeited – Discounts offered to customers that were not claimed, leading to additional revenue.

53. Sales Returns – Reductions in sales due to product returns.

54. Sales Returns and Discounts – A combination of returns and discounts affecting total sales revenue.

55. Service Charge – Fees collected for services rendered.

EXPENSES

56. Administrative Expense – Costs related to business operations, such as office rent and salaries.

57. Bad Debt Expense – The cost of uncollectible accounts receivable.

58. Commission Expense – Payments made to agents or salespeople for completed transactions.

59. Communication Expense – Costs related to phone, internet, and other communication services.

60. Freight-Out – Shipping costs paid by the seller to transport goods to customers.

61. Interest Expense – The cost of borrowed funds.

62. Loss on Associate – The company’s share of losses from an associate.

63. Loss on Expiration of Share Warrants – A loss when stock warrants expire without being exercised.

64. Meetings and Conferences – Costs incurred for business meetings and conferences.

65. Miscellaneous Expense – Small or irregular expenses not classified under other accounts.

66. Pantry Supplies – Costs for office pantry items, such as coffee or snacks.

67. Taxes and Licenses – Payments for government-mandated taxes and licenses.

68. Transportation Expense – Costs incurred for business-related travel.

OTHER INCOME/EXPENSES

69. Deferred Gain – A gain that will be recognized in future periods.

70. Held for Trading Securities – Investments actively traded for short-term profits.

71. Impairment Gain/Loss – Adjustments for asset value reductions or recoveries.

72. Interest Rate Swap – A derivative contract exchanging different interest rate payments.

73. Share Warrants – Rights issued to investors to purchase company shares at a specific price.

74. Stock Rights – Rights granted to existing shareholders to purchase additional shares at a difference price set.