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Accounting Examples - Asset Accounts

 

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Asset Accounts

Anything owned, whether tangible (a physical item) or intangible (the right to something) is an asset.  Assets are generally separated into two groups:

Current Assets - Cash and other assets that will be used up, or sold, or converted to cash within the normal operation of business.

Plant Assets - Permanent or fixed assets, such as land, buildings, equipment, etc.

Common Asset Accounts:

Current Assets:

Cash - Includes the cash at the store & in the bank.

Accounts Receivable - What others owe you.

Notes Receivable - Loans made to others.

Prepaid Insurance - Premiums that are paid in advance.

Office Supplies - Are assets from purchase to use.

Inventories - Ready to be sold and work in progress.

Plant Assets:

Equipment - Office, production, store equipment.

Buildings - Your place of business - garage, plant, store.

Land - Should have it's own account - doesn't depreciate.

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Amazon.com
Popular books for Accounts

Understanding Small Business Accounts

Understanding Small Business Accounts

Paperback: 128 pages

Publisher: How to Books (February, 2003)

Understanding Accounts

Understanding Accounts

Paperback: 72 pages

Publisher: Dk Pub Merchandise; (March 2001)

 

 

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