Intro to Financial Statements
Common Accounts
Financial Accounting
Introduction to Financial Statements
Common Accounts
Common Asset Accounts:
Current Assets:
Cash
Accounts receivable
Inventory
Prepaid expense – insurance, rent
Short term investments
Short term notes receivable
Supplies
Long Term Assets:
Long term investments
Long term notes receivable
Property, Plant, & Equipment:
Land
Building
Equipment
Autos
Computer Equipment
less accumulated depreciation
Intangible Assets:
Goodwill
Trademarks
Copyrights
Patents
Franchises
Common Revenue Accounts:
Sales
Fee revenue
Interest revenue
Dividend revenue
Rent revenue
Service revenues
Common Liability Accounts:
Current Liabilities:
Accounts payable
Accrued expenses
Accrued liabilities
Short term notes payable
Rent payable
Salaries payable
Interest payable
Taxes payable
Unearned revenues
Current maturities of L/T debt or L/T notes payable
Long Term Liabilities:
Long term debt
Long term notes payable
Bonds payable
Mortgage payable
Common Owner’s Equity:
Common Stock
Contributed capital
Additional paid in capital
Retained Earnings
less Treasury Stock
Common Expense Accounts:
Cost of goods sold
Wages or salary expense
Rent expense
Advertising expense
Utility expense
Depreciation expense
Interest expense
Income tax expense
Maintenance / repair expense