Selected+Accounts+Definitions - Liabilities and...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Selected Accounts Definitions Assets Short‐term investments contains any investments matures in, or is held for a year or less, e.g. stocks, bonds etc. Accounts receivable is a current asset resulting from selling goods or services on credit (on account). Notes receivable is an asset representing the right to receive the principal amount contained in a written promissory note. Inventory : A company's merchandise, raw materials, and finished and unfinished products which have not yet been sold. Supplies : General purpose consumable items which commonly have a shorter life span in use than equipment and machines, and which are stocked for recurring use. Intangibles : Something of value that cannot be physically touched, such as a brand, franchise, trademark, or patent.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Liabilities and Stockholders’ equity  Accounts payable is a company owes for items or services purchased on credit and for which there was not a promissory note.  Notes payable is the amount of principal due on a formal written promise to pay.  Bonds payable contains the amount of the bonds issued by a company that are outstanding as of the balance sheet date.  Accrued expenses are the estimated amount a company owes for expenses that occurred, but have not yet been paid.  Unearned revenue is a liability account that reports amounts received in advance of providing goods or services.  Contributed capital is the amount paid or contributed by stockholders in exchange for shares of a corporation's stock....
View Full Document

This note was uploaded on 07/30/2011 for the course ACT 101 taught by Professor Ben during the Spring '11 term at HKU.

Ask a homework question - tutors are online