THE ACCOUNTING EQUATION
ACCOUNTING EQUATION
ASSETS (A) = EQUITY (E) + LIABILITY (L)
CLASSIFICATION OF ACCOUNTS
ASSETS
Non-Current Assets
Tangible/Fixed
Assets
Land and Buildings
Current Assets
Financial Assets
Fixed Deposit
Trading Stock
Equipment
Debtors Control
Vehicles
Bank
Cash Float
Petty Cash
LIABILITIES
Non- Current Liabilities
Loan
Current Liabilites
Creditors Control
Bank Overdraft
OWNERS EQUITY / EQUITY (Net Worth)
Drawings
Capital
Expenses/Losses
Income / Pro t
Cost of Sales
Sales
Rent Expense
Current income
Salaries & Wages
Rent Income
Stationery
Commission (income)
Rates
Donations (income)
Insurance
Water & Electricity
Advertising
Bank Charges
Telephone
Repairs
Packing Material
Donations
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