Type of Major Accounts Flashcards
Describes the specific type of asset, liability, equity, income, or expense
Account title
The left side of the account
Debit side
The left side of the account
Credit side
increases of economic benefits during the period
Income
assets minus liabilities
Equity
Income that arises on the ordinary activities of a business, e.g. service fees
Revenues
represent other items that define income or meet its definition that may or may not arise in the course of ordinary activity.
Gains
refers to the net amount of the item being carried
Carrying amount
represents the decreases in economic benefits over a period
Expenses
represent other items that meet the definition of expenses that may or may not arise in the course of ordinary activities of the businesses
Losses
is one of the components of a complete set of financial statement
Balance Sheet or Statement of Financial Position
includes the money and its equivalent that is readily available for unrestricted use
Cash
receivables that are supported by oral and informal promises to pay
Accounts Receivable
the aggregate amount of estimated losses from uncollectible accounts receivables
Allowance for Bad debts or Allowance for doubtful accounts
formal promises to pay in a form of a promissory note
Notes Receivable
