. Cash: A current asset account which includes currency, coins, checking accounts, and undeposited checks received from customers. The amounts must be unrestricted. (Restricted cash should be recorded in a different account.

Petty Cash: A current asset account that represents an amount of cash for making small disbursements for postage due, supplies, etc.

Tempary investments: A current asset account which contains the amount of investments that can and will be sold in the near future.


inventory A current asset whose ending balance should report the cost of a merchandiser's products awaiting to be sold. The inventory of a manufacturer should report the cost of its raw materials, work-in-process, and finished goods. The cost of inventory should include all costs necessary to acquire the items and to get them ready for sale.

When inventory items are acquired or produced at varying costs, the company will need to make an assumption on how to flow the changing costs. See cost flow assumption.

If the cost to replace inventory is less than the actual cost of the inventory, it may be necessary to reduce the inventory amount. See lower of cost or market

supplies: A current asset representing the cost of supplies on hand at a point in time. The account is usually listed on the balance sheet after the Inventory account.

A related account is Supplies Expense, which appears on the income statement. The amount in the Supplies Expense account reports the amounts of supplies that were used during the time interval indicated in the heading of the income statement.


ASssets you have, liabillities: what you are waiting to recieve Equity, is what other ppl have in the buisiness

A stockholders' equity account that generally reports the net income of a corporation from its inception until the balance sheet date less the dividends declared from its inception to the date of the balance sheet