is the most liquid asset a company can own. It includes any form of currency that can be readily traded including coins, checks, money order, and bank account balances. 

(a)  

Cash used to pay “petty” or small amounts 

(a)  

Cash in the possession and custody of the business 

(a)  

Cash that are deposited in the banks

(a)  

 this refers to short-term, highly liquid investment in securities such as shares of stocks and bonds. 

(a)  

is an asset that arises from selling goods or services to someone on credit or an amount collectible from a person or a company.

(a)  

  Amount collectible from clients or customers for services rendered or sale of goods.

(a)  

A contra-asset account the represents the estimated amount of trade receivable that are doubtful of collection. 

(a)  

Represents the principal amount or the face value of the promissory note which is held by the payee.

(a)  

Represents the amount collectible from the party who is obliged to give commission.

(a)  

Amount collectible in a loan transaction.

(a)  

Represents the amount collectible from the tenant or lessee.

(a)  

Cash advance to be collected from gross salary of the employees. 

(a)  

these refer to expenses that are paid in advance. The following are examples of prepaid expenses.

(a)  

Advance payment of advertising in all media types and promotional campaigns 

(a)  

Advance payment of insurance whether it is life insurance or non-life insurance

(a)  

Advance payment for rent by the tenant or lessee to its landlord 

(a)  

Advance payment for subscriptions to print materials or non-print materials 

(a)  

Stationary used in offices

(a)  

Stationary or items used directly in manufacturing or selling activities 

(a)  

consist of goods owned by company that is in the business of selling those goods.

(a)  

these refer to items that are useful for more than one year. These are tangible items that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and are expected to be used during more than one period.

(a)  

 Refers to the surface of the earth that is not covered by a body of water.

(a)  

Refers to a structure with roof and walls hat is constructed on land.

(a)  

 Refers to an equipment that has power to produce movements or forces.

(a)  

 refers to movable things that are result of design.

(a)  

refers to something attached to a property such as cabinets,

(a)  

Refers to business machines used in workplaces such as computers and copier machines

(a)  

Refers to business machine used in pointof-sale transaction such as Cash Register

(a)  

Refers to vehicles whether land transport, sea transport or air transport

(a)  

A contra-asset account that represents the cumulative depreciation of a fixed asset from the date it was purchased up to the date of the financial statement.

(a)  

 Is a debt of the entity resulting from previous transaction such as loan, a purchase from a supplier, or an agreement to assume the debt of another parties.

(a)  

these are the amounts payable to n a person or a company.

(a)  

Amount payable to suppliers or creditors for services, supplies, goods or property purchased or acquired on the account. 

(a)  

Represents the principal amount or the face value of the promissory note which is issued by the maker

(a)  

Unpaid commissions

(a)  

Unpaid communication, light and water bills

(a)  

Unpaid interest in a loan transaction

(a)  

Unpaid rent

(a)  

Unpaid salaries and wages of the employees 

(a)  

Unpaid property taxes and licenses to be remitted/paid to a local government unit 

(a)  

 refers to cash received in advance from a client but not yet earned (services not yet rendered to customer/client or goods not yet delivered to customer

(a)  

Advance receipt of cash representing payment for future advertising services

(a)  

Advance receipt of cash representing the payment for future services of an agent 

(a)  

Advance receipt of cash representing the payment for future rent 

(a)  

Advance receipt of cash representing the payment for future subscriptions to print materials or non-print materials.

(a)  

refers to a bank loan with collateral assets such as house and lot or vehicle.

(a)  

 this refers to a loan that is evidenced by a bond certificate and a bond indenture.

(a)  

 refers to the agreement between the borrower and the lender.

(a)  

refer to the net worth of a business entity at a specific point in time. It is also known as owner’s equity for a single proprietorship. 

(a)  

this refer to the claim or interest of the owner

(a)  

 this refers to a temporary withdrawals of the owner of cash, supplies, goods or property. 

(a)  

e refers to the economic benefits that flow to the business in the form of increases in assets.

(a)  

 It is also a reduction in liabilities resulting from the business operations.

(a)  

Pertains to sale of goods on cash or credit terms of a merchandising business 

(a)  

Refers to the earnings of a service business from services rendered to its clients on cash or credit basis.

(a)  

Are earnings derived by a professional or a professional servicing entity which may be on cash or on credit terms

(a)  

 Income derived by an agent for the performance of service such as product distribution, intermediation services and other investments on shares of stocks.

(a)  

 Income from investments on shares of stocks

(a)  

Income from loan transactions

(a)  

 Income from the use of the land or unit space

(a)  

Excess of the selling price of a fixed asset over its net carrying value (book value).    = Net Carrying Value is the difference between the cost of the asset and its accumulated depreciation 

(a)  

Is the money spent, or cost incurred by a business in their effort to generate revenue.

(a)  

A cost that has expired or been taken up by activities that generate revenue

(a)  

Advertising in all media types and promotional campaigns

(a)  

Payment to the agencies for providing janitorial, messengerial and security services

(a)  

Payment made to agents for the performance of services such as product distribution, intermediation services and others,

(a)  

Charitable contributions to a person, group of persons or organization.

(a)  

Benefits given to supervisory or managerial employees aside from basic monthly compensation 

(a)  

Refers to gasoline, oil and lubricants used in operating a vehicle or machinery

(a)  

Refers to life insurance and non-life insurance purchased for the purpose of protecting and asset or a resource.

(a)  

Stationary used in the office

(a)  

Stationary or items used directly in selling or in manufacturing of goods for sale

(a)  

Represents employer share in the following contributions: 

1. Pag-ibig Fund contribution

2. Philhealth health benefit contribution 

3. SSS health benefit contribution

(a)  

Compensation paid to persons rendering professional services to the business (External Auditors, Lawyers, etc). 

(a)  

Payment made by a tenant or lessee for the use of the land or unit space. Note that use of an equipment can also be leased or rented. 

(a)  

Payment made to fix a broken item or to ensure that an asset is working in good condition. 

(a)  

Expenses related to the cost of meetings/events with clients/customers such as meals and other forms of entertainment 

(a)  

Represents the total gross salaries or wages of the employees 

(a)  

Subscriptions to print materials such as newspapers, magazines and other non-print materials such as internet, Netflix and cable subscriptions. 

(a)  

Licenses or permits issued by a local government unit (LGU) and taxes on real estate.

(a)  

Road toll fees and parking fees 

(a)  

Commuting cost of using public transportation including airport fess and other terminal fees.

(a)  

Utilities such as light, water and communication facilities such as phone, the internet and others.

(a)  

Non-cash expense that represents the estimated amount of Accounts Receivable which may not be collected due to the risk of non-payment 

(a)  

Non-cash expense that represents the total uncollectible customers’ accounts that were written-off from the books.

(a)  

Non-cash expense that represents the total depreciation of fixed assets for the year

(a)  

Expenses from loan transactions 

(a)  

Excess of the net carrying value of a fixed asset over the selling price 

(a)  

Expenses which cannot be classified from the above expenses

(a)