Account Elements

These are the items of value owned or controlled by the business

• Assets

• Equipment

• Owner's Equity

• Supplies

Cash

• Owner's Equity

• Assets

• Liabilities

These are the amounts collectible from customers, or clients

• Interest receivable

• Accounts Receivable

• Accounts Payable

• Notes Receivable

Expenses to be incurred yet in the future but already paid

• Miscellaneous Expense

• Prepaid Expense

• Accounts Receivable

• Accounts expense

What feature do Equipment and Machineries varies?

• Number of functions

• Movable

• Handleable

• Size

Notes Payable are obligations covered by _____ notes

This is a long term debt of the business for which property has been give as collateral or security

• Loans Payable

• Mortgage payable

• Taxes receivable

• Taxes Receivable

Amount of money or resources brought out of the business by the owner

• Debit

• Expense

• Drawing

• Credit

Type of income for Service Type Businesses

What's the Formula used in Financial Worksheet?