FIVE MAJOR ELEMENTS

Asset account title for tables, chairs, lighting fixture and wall decors.

• Office equipment

• Furniture and fixtures

• Supplies

• Accounts receivable

The asset account title for typewritter, air conditioner, calculator, filing cabinet, computer, electric fan, trucks, cars used in business

• Furnitures and fixture

• Equipment

• Building

• Notes receivable

The asset account representing the amounts owned by charge customers evidenced by a promissory note.

• Supplies

• Accounts receivable

• Notes receivable

• Cash

___________ - the asset account for edifice, structure used to house the office, store or factory.

___________ - the asset account title for the lot used by the business on which a building can be constructed.

Asset account title for non-monetray assets without physical substance helf for use in the production or supply of goods, for rental to others, or for the production or supply of goods. Example of these are goodwill, patents, copyrights.

• Rent Income

• Supplies

• Tangible assets

• Intangible assest

__________ - a liability account title as evidenced by a certificate of indebtedness under the seal of a corporation.

Liability account title which consist of debts arising from acquisition of services on account.

Obligations of the business arising from advance payments received before services are provided to the customer.

Debts arising from purchase of an asset on account evidenced by a promissory note.