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Statement of Financial Position.ppt- Accounts Titles

By a4 utilities payable is a liability to pay utility

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Unformatted text preview: tution for amount of money financing by the business. by a.4 Utilities Payable – is a liability to pay utility companies like PLDT, MERALCO, and MWSS companies a.5 Interest Payable – interest due on promissory a.5 notes issued. A. CURRENT LIABILITIES A. a.6 Salaries Payable – unpaid salaries as of end of accounting period. accounting a.7 Unearned Income – revenue collected but not yet earned. Meaning, the services has not yet been rendered or the goods has not been been delivered yet. delivered a.8 Accrued Expenses – expense incurred but not paid as of end of accounting period. paid B. NON-CURRENT LIABLITIES B. Long term liabilities or obligations which are payable longer than one year a. Notes Payable – long terms debts and obligations to creditors supported by a supported by a promissory note. promissory b. Bonds Payable – long term obligation which are Bonds evidenced by bonds issued to investors. evidenced B. NON-CURRENT LIABLITIES B. c. Mortgage Payable – are long term obligation which are c. supported by collateral on real property. supported 3. OWNER’S EQUITY 3. Ownership claim on total assets. It is often Ownership referred to as the “Residual Equity” referred Owner’s Equity = Assets-Liabilities Owner’s Increases in Owner’s Equity Increases (1) Investment by the Owner – these are the assets that Investment the owner put into the...
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