Account Titles and Accounting Values

The account title to describe money, either in paper or in coins and money substitutes.

• petty cash fund

• cash

• accounts receivable

• notes receivable

An account title for an income collected in advance and not yet considered as "earned"

• Service Income

• Professional Fees Income

• Pre-collected and Unearned Income

• Rent Income

A financial obligation of the business which requires a fixed or tangible property to be pledged as a collateral to insure payment.

• Mortgage Payable

• Notes Payable

• Accounts Payable

• Interest Payable

The account title for amounts collectible arising from services rendered to a customer or client on credit or on sale of goods to customers on account which constitutes an oral or verbal promise to pay.

• Notes Receivable

• Accounts Receivable

• Accounts Payable

• Notes Payable

Which of the following belong to current assets?

• Petty Cash Fund

• Accounts Payable

• Service Income

• Gas and Oil

An account title for a financial obligation of the business that constitutes an oral or verbal promise to pay.

• Mortgage Payable

• Interest Payable

• Notes Payable

• Accounts Payable

An account title for the site where the building used as office or store is constructed

• Building

• Land

• Furniture & Fixture

• Equipment

For compensation given to employees of a business.

• Insurance Expense

• Taxes and Licenses

• Salaries and Wages

• Bad Debts

For the anticipated loss that the business may incur arising from uncollectible accounts

• Allowance for Bad Debts

• Miscellaneous Expense

• Rent Expense

• Bad Debts

For income earned on buildings, space or other properties owned and rented out by the business as the main line of its activity

• Rental Income

• Interest Income

• Professional Fees Income

• Miscellaneous Income