Elements of Accounting/ GAAP/ DR-CR/ EXCEL ENVIRONMENT

value owned by the business and expected to benefit the business in future years.

• Revenue

• Liability

• Assets

• Expenses

claims against customers for merchandise sold or services rendered on the account.

• Notes Receivable

• Accounts Receivable

• Accounts Payable

• Notes Payable

claims against customers for merchandise sold or services rendered on account evidenced by a written promise to pay later.

• Accounts Payable

• Accounts Receivable

• Notes Payable

• Notes Receivable

used in the office such as folders, clips, bond papers & stationeries, fasteners, etc.

• Office Supplies

• Prepaid Assets

• Furniture and Fixtures

• Office Equipment

 include shelves, tables & chairs, display cases, desks, filing cabinets, air conditioner, etc.

• Building

• Transportation Equipment

• Delivery Equipment

• Furniture and Fixtures

the structure where the business operations are conducted.

• Delivery Equipment

• Goodwill

• Accumulated Depreciation

• Building

the patronage given by the general public and customers to a business because of its quality products, good human relations, outstanding services, good location, affordable prices, etc.

• Franchise

• Goodwill

• Copyrights

These are the debts incurred by the business enterprise or simply the economic obligations.

• Assets

• Liabilities

• Income

• Expenses

the amount owed to creditors for goods purchased or services received but not yet paid evidenced or supported by a written promise to pay later.

• Accounts Payable

• Notes Receivable

• Notes Payable

• Accounts Receivable

amount due to creditors on loan secured by collateral.

• Loans Payable

• Mortgage Payable

• Bonds Payable