Statement

Statement
of Nature or Characteristic of the
Particulars Assets Liabilities Equity Income Expense of Financial
Financial Account
Performance
Position
Highly convertible to cash and hence, can be
1. Cash Equivalents x x used for trading.

2. Insurance Expense x x Used for paying insurance coverage

A medium of exchange used for deposit at face
3. Cash x x value
Sum of earned revenues from selling
4. Sales Revenue x x merchandise
Owner’s contribution or investment to the
5. Owner's Capital x x business
A security given to creditors as a pledge to
6.  Mortgage Payable x x settle an obligation in the future
Prevent the business from\ paying future
7. Prepaid Rent x x expenses caused by renting

8. Commission Expense x x Compensation for the cost of sales

Non-monetary asset that is used as the place for

9. Building x x drawing income.

An obligation ought to be met after purchasing

10. Accounts Payable x x a service or good in account

Non-monetary asset that is used to draw

income either by rental or minimizing the
11. Service Vehicle x x expense used for travelling of the company
stakeholders
Used for an efficient, effective, and easier
12. Office Equipment x x business processes related to manufacture of
goods and/or offer of service

A decrease from owner’s equity as a result of

13.  Salaries Expense x x compensation for service offered by employees
 Obligation to others because of unpaid
14. Accrued Expenses x x expenses.

A non-depreciable asset considered as a

15. Land x x physical location where business activities may
take place

Basic and necessary tangible items used to run

16. Office Supplies x x the business

A redeemable amount of asset expected from

17. Accounts Receivable x x customer’s purchase on account. Charges no
interest

Marketable assets that is ordinarily an outlet of

18. Inventory x x profit

19. Supplies Expense x x Compensation for the use of supplies

Prevent the business from paying future

20.  Prepaid Insurance x x expenses caused by insurance

Compensation for the use of rented equipment,

21.  Rent Expense x x space, etc.

Compensation for the use of business utilities

22.  Utilities Expense x x such as water, electricity, etc.

Sum of earned revenues from performing

23.  Service Revenue x x service to a client

Temporary account used to record the owner’s

24.  Owner's Withdrawal x x withdrawal of assets

A long-term liability set to be fulfilled in

compensation of substantial amount of money
25. Loans Payable x x from creditors. Unlike accounts payable, it
charges interest.