Basic Accounting Classifications

Front

Resources owned by a business

Back

Assets

Front

Obligations owed to outsiders

Back

Liabilities

Front

Owner's claim on assets

Back

Owner's Equity

Front

Income from business activities

Back

Revenue

Front

Costs incurred to earn revenue

Back

Expenses

Front

Cash and other assets expected to be converted to cash within a year

Back

Current Assets

Front

Long-term investments and property

Back

Non-current Assets

Front

Obligations due within one year

Back

Current Liabilities

Front

Debts payable after one year

Back

Non-current Liabilities

Front

Revenue minus expenses

Back

Net Income