What are the different account titles

Topics: Accounts receivable, Generally Accepted Accounting Principles, Money Pages: 2 (450 words) Published: October 10, 2013
Cash – Cash includes: currency and coins, checks, money orders, bank drafts and demand deposit accounts.

Held for Trading Securities – Temporary investments of excess cash which are primarily held for short term gain.

Loans and Receivables – include trade receivables and non trade receivables. Trade Receivables are claims against others which arise in the ordinary course of doing business. Examples are: Trade accounts receivable- these are claims against customers arising from the provision of services or delivery of goods on credit.

Trade Notes Receivable – A note receivables is a written promise from the customer to pay a fixed amount of money on a certain future date. Being a formal and written document. It offers more security than accounts receivable.

Non Trade Receivables – represent all other claims which are not trade. They may be non-trade accounts receivable or non-trade notes receivable.

Inventories – These are assets which are (a) held for sale in the ordinary course of business; (b) in the process of production for such sale; (c) in the form of materials or supplies to be consumed in the production process or in the rendering of services.

Prepaid Expenses – These are expenses paid for by the business in advance. Examples are Prepaid Rent and Prepaid Insurance. Prepaid expenses are assets when they are paid for. Subsequently, they become expenses

Accounts Payable – This account is the opposite of accounts receivable. Examples include purchasing goods or receiving services for which the buyer agrees to pay in the near future.

Notes Payable – A note payable is like a note receivable, except that this time the enterprise is the one who promises to pay (not the one who receives the promise)

Accrued Liabilities – These are amounts owed to others for unpaid expenses. They are similar to accounts payable, except that accounts payable are for items which have already been consummated (such as the purchase of goods), while accrued...
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