REVIEWER FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT

Real Accounts
Assets Liabilities Equity
Current Assets Current Liabilities
1. Cash in Bank 1. Accounts Payable Owner’s Capital
2. Cash on Hand 2. Notes Payable (short-term) Owner’s Withdrawal
3. Petty Cash 3. Interest Payable Share Premium
4. Accounts Receivable 4. Accrued Salary Payable
5. Allowance for uncollectible 5. Accrued Rent Payable
accounts (contra asset) 6. Bank Loans (short-term)
6. Notes Receivable 7. Income Tax Payable
(short-term) 8. Withholding Tax Payable
7. Interest Receivable 9. Current Provisions
8. Inventories 10. Insurance Payable
9. Supplies
10. Prepaid Rent
11. Prepaid Insurance
12. Trading Securities
Non Current Assets Non Current Liabilities
Long-term Investment 1. Notes Payable (long-term) Retained Earnings
1. Notes Receivable 2. Bank Loans Payable (long-
(long-term) term)
Property Plant and Equipment;
Fixed Assets
2. Land
3. Building
4. Accumulated Depreciation
(Building)
5. Furniture and Fixture
6. Accumulated Depreciation
(Furniture and Fixture)
7. Office Equipment
8. Accumulated Depreciation
(Office Equipment)
9. Intangible Assets

Nominal Accounts
Expenses Revenue
Salaries Expense Sales Revenue
Rent Expense Service Income
Utilities Expense Interest Income
Uncollectible Accounts Expense Rent Income
Advertising Expense Dividend Income
Insurance Expense Gain on Sale
Taxes and Licenses Miscellaneous Income
Supplies Expense
Interest Expense
Depreciation Expense
Employees Benefit Expense
Loss on Sale
Unrealized Holding Loss
Miscellaneous Expense
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