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Accounts

Accounts are classified into items such as Assets, Liabilities, net asset value, expenses and revenue according to accounting principles.
  • Assets: Any item of economic value owned, which especially could be converted into cash, such as property, deposit, accounts receivable and cash on hand.
  • Liabilities: Business obligations to pay debts incurred. It includes money owing on a loan or a mortgage and any accounts payable.
  • Net asset value; Net asset value = total assets – total liabilities, may represent the value of the total equity. It could also be used to adjust discrepancies in assets and liabilities.
  • Expenses: Cash outflows coming from what you consume which includes any cost such as rent, food and transport expenses.
  • Revenue; Cash inflows earned or coming from the outside which increases net asset value such as wages, interest receivable as well as allowance.


Related Terms

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Related FAQ

How should I categorize my Accounts?
Why can't I use special letters or spaces in Account Titles?
Can I make unused Accounts disappear?
I want to see sectional balance.
Want to see the percentage of items.