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    Accounting Basic Terms

    Uploaded by

    Hel Lo
    The document outlines the basic accounts used in accounting to track assets, liabilities, equity, revenue and expenses. It lists common asset, liability and equity accounts along with revenue and expense categories. It also provides the basic rules of debit and credit for recording transactions that increase or decrease accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Accounting Basic Terms

    Uploaded by

    Hel Lo
    58 views3 pages
    The document outlines the basic accounts used in accounting to track assets, liabilities, equity, revenue and expenses. It lists common asset, liability and equity accounts along with revenue and expense categories. It also provides the basic rules of debit and credit for recording transactions that increase or decrease accounts.

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    © © All Rights Reserved

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    DOCX, PDF, TXT or read online from Scribd

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    The document outlines the basic accounts used in accounting to track assets, liabilities, equity, revenue and expenses. It lists common asset, liability and equity accounts along with revenue and expense categories. It also provides the basic rules of debit and credit for recording transactions that increase or decrease accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    58 views3 pages

    Accounting Basic Terms

    Uploaded by

    Hel Lo
    The document outlines the basic accounts used in accounting to track assets, liabilities, equity, revenue and expenses. It lists common asset, liability and equity accounts along with revenue and expense categories. It also provides the basic rules of debit and credit for recording transactions that increase or decrease accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    ASSET LIABILITIES EQUITY REVENUE EXPENSE

    Cash Accounts Payable Capital Sales Salaries Expense

    Cash Equivalent Notes Payable Drawing Rent Income Supplies Expense

    Marketable Securities Advertising Expense


    Loan Payable Income Summary Service Income
    Delivery Expense
    Account Receivables Unearned Revenues Interest Income or Freight Out
    Interest Receivable
    Accrued Liabilities Commission Depreciation Expense
    Income
    Advances to Employees
    Utilities Payable Maintenance
    and Repair Expense
    Accrued Income
    Taxes and Licenses
    Utilities Expense
    Inventories Payable
    Rent Expense
    Merchandise Inventory SSSandPhilHealth
    Payable Insurance Expense
    Prepaid Expenses
    Mortgage Payable Interest Expense
    Office Supplies on Hand
    Bonds Payable Telephone
    Allowance for Bad Debts
    and Telegram
    Accumulated Depreciation

    Long-Term Investments

    Property,Plant and Equipment

    Land

    Building

    Equipment

    Furniture and Fixture

    Tools

    Intangibles Assets
    Rules of Debit and Credit
     Increases in assets are recorded as debits; decreases are recorded as credits
     Increases in liabilities are recorded as credits; decreases are recorded as debits
     Increases in equity are recorded as credits; decreases are recorded as debits

     Increases in contra-assets accounts are recorded as credits; ex. Accumulated


    depreciation
     Increases in contra-liabilities accounts are recorded as debits; ex. Discount on
    bonds payable
     Increases in contra-equity accounts are recorded as debits; ex. Buying back
    treasury stocks.

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