Account Titles

SHARE CAPITAL- is the equity generated through the issue of shares at face
value.
SHARE PREMIUM- is the value received for shares that exceed the face value.
RETAINED EARNINGS- is the amount of net income left over for the business
after it has paid out dividends to its shareholders.
SERIAL BONDS PAYABLE- is a bond issuance where a portion of the total
bonds are paid of each year.
INCOME TAX PAYABLE- is compiled by taxes due to the government within
one year.
NOTES PAYABLE- is a written promissory note. To pay.
ACCRUES EXPENSES- is an expense that is recognized on the books before it
has been paid; the expense is recorded in the accounting period in which it is
incurred.
ACCRUED INTEREST ON NOTES PAYABLE- is an interest that has occurred,
but has not been paid as of a balance sheet date.
PAYROLL TAXES PAYABLE - is a liability account that contains the combined
total of payroll taxes deducted from employee pay and the employer portion
of payroll taxes.
ALLOWANCE FOR DOUTFUL ACCOUNTS- is a reduction of the total amount
of accounts receivable appearing on a company's balance sheet, and is listed
as a deduction immediately below the accounts receivable line item. This
deduction is classified as a contra asset account.
ADVANCES FROM CUSTOMERS- is a liability account, in which is stored all
payments from customers for goods or services that have not yet been
delivered.
ACCOUNTS RECEIVABLE- is the balance of money due to a firm for goods
or services delivered or used but not yet paid for by customers. AR is any
amount of money owed by customers for purchases made on credit.

GREY- EQUITY
BROWN- CURRENT LIABILITY
GOLD- NON-CURRENT LIABILITY
LIGHT ORANGE- CURRENT ASSET
PINK- NON-CURRENT ASSET

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 Account Titles
ACCUMULATED DEPRECIATION- is the total amount an asset has
been depreciated up until a single point. A contra asset account
LAND- Land is defined as the ground the company uses for business operations; it
includes ground on which the company locates its headquarters or land used for
outside storage space or as a parking lot. Unlike a majority of fixed assets, land is
not subject to depreciation.
MACHINERY- Machinery is part of the property, plants, and equipment, or PP&E,
account on the balance sheet. PP&E has a useful life of longer than one year, so
PP&E, machinery included, is list as a non-current asset on a company’s balance
sheet.

SUPPLIES- are incidental items that are expected to be consumed in the near
future. Supplies are considered a current asset until the point at which they're used.
Once supplies are used, they are converted to an expense.

NOTES RECEIVABLE- is a written promise to receive a specific amount of cash from

another party on one or more future dates.
BUILDING- a fixed asset account that contains the carrying amount of
the buildings owned by an entity.
CASH- Cash is bills, coins, bank balances, money orders, and checks. Cash is used
to acquire goods and services or to eliminate obligations. Items that do not fall
within the definition of cash are post-dated checks and notes receivable.
CLAIM REVEIVABLE- means all accounts receivable disputed by the customers of
the Business and all other receivables accruing before the close of business on the
Closing Date which is not a Billed Receivable or an Unbilled Receivable and which
shall include, without limitation, the claims set forth on
FINISHED GOODS- are products that have completed the manufacturing process
but have yet to be sold to customers. Finished goods are inventory items unique to
manufacturers.
FRANCHISE- is the license to make or sell a product under certain conditions
granted by the owner of these rights.
GREY- EQUITY
BROWN- CURRENT LIABILITY
GOLD- NON-CURRENT LIABILITY
LIGHT ORANGE- CURRENT ASSET
PINK- NON-CURRENT ASSET

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 Account Titles
GOODS IN PROCESS- is part of an inventory account on the balance sheet
of a manufacturing company. It relates to partially completed goods that
are somewhere in the manufacturing process and not yet ready for
sale. Goods-in-process is also known as "work-in-process" or "work-in-
progress."
PREPAID INSURANCE- The term prepaid insurance refers to payments
that are made by individuals and businesses to their insurers in advance for
insurance services or coverage.
TOOLS-
GOODWILL- is an intangible asset associated with a business combination.
Goodwill is recorded when a company acquires (purchases) another
company and the purchase price is greater than 1) the fair value of the
identifiable tangible and intangible assets acquired, minus 2) the liabilities
that were assumed.
PLANT EXPANSION FUND- used to pay for the eventual
purchase, expansion, or construction of a manufacturing plant or facility.
Plant expansion fund cash should be reported as a non- current asset,
assuming the fund is not expected to be used during the next year.
ACCOUNTS PAYABLE- is money owed by a business to its suppliers shown
as a liability on a company's balance sheet. It is distinct from notes payable
liabilities, which are debts created by formal legal instrument documents.
AMORTIZED COST- is that accumulated portion of the recorded cost of a
fixed asset that has been charged to expense through either depreciation
or amortization.
FAIR VALUE- refers to the practice of measuring your business's liabilities
and assets at their current market value. In other words, “fair value” is the
amount that an asset could be sold for (or that a liability could be settled
for) that's fair to both buyer and seller.

GREY- EQUITY
BROWN- CURRENT LIABILITY
GOLD- NON-CURRENT LIABILITY
LIGHT ORANGE- CURRENT ASSET
PINK- NON-CURRENT ASSET