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HOME WORK No. 2 Classification of Accounts

FUNDAMENTALS OF ACCOUNTING
NAME; __SANTOYO, JERMAINE M._____ SECTION: __1NONABM3__ DATE; 9/24/2022

INSTRUCTION: Indicate on the blank in the ANSWER SHEET below, the abbreviations of
classification of accounts as follows: I – for income or revenue; EX – for expenses; CA – for
Current assets, CCA – for Contra current assets; NCA – for Non-current assets; CNCA- for
Contra – non-current assets; CL – for current liabilities; NCL – for non-current liabilities and
EQ – for Equity.

ANSWER SHEET
1. _CNCA_ 11. CA____ 21. _CA___ 31. __NCA__ 41. __CA__ 51. _NCA___
2. ___EX_ 12. _CA___ 22. _CA___ 32. _NCA___ 42. CA__ 52 _CL___.
3. __NCA__ 13. __EX__ 23. __CA__ 33. _CA___ 43. _NCA___ 53. CL____
4. _CA___ 14. _CL___ 24. __CL__ 34. __CL__ 44. _CNCA_ 54. _EQ___
5. _I___ 15. __CA__ 25. _NCA___ 35. __CL__ 45. __CA_ 55. __EQ__
6. __I__ 16. __CA__ 26. __NCA__ 36. __CL__ 46. _CA___ 56. _EQ___
7. __EX__ 17. _CA___ 27. __CL__ 37. __CL__ 47. __CA__ 57. __CL__
8. _EX___ 18. __CA__ 28. __EX__ 38. __CL__ 48. _CA___ 58. _CL___
9. __CCA__ 19. __CA__ 29. __NCA__ 39. _CA___ 49. __NCA__ 59. __CA__
10. _EX__ 20. _CL___ 30. __CL__ 40. _CA___ 50. NCA____ 60. __CA__

61. __CA__ 62. _CL___ 63. _NCA_64. __EQ__ 65. EQ____

1. Accumulated depreciation – factory machines

2. Utilities expense
3. Leasehold improvements
4. Cash on Hand
5. Sales
6. Interest income
7. Taxes and licenses
8. Advertising expense
9. Allowance for bad debts
10. Transportation expense
11. Notes receivable
12. Accrued interest income
13. Used office supplies
14. Accrued interest expense
15. Short term bank time deposit (maturity of one year or less)
16. Central bank treasury bill with maturity of one year or less
17. Merchandise inventories
18. Finished goods inventory
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19. Work in process inventory

20. Interest expense
21. Accrued rent expense
22. Factory supplies inventory
23. Cash in Bank
24. Unearned rent income
25. Franchise,
26. Goodwill,
27. Unearned rent income
28. Salaries and wages
29. Employee fringe benefits
30. Unearned interest income
31. Inventions,
32. Copyrights,
33. Petty Cash Fund
34. Accrued utilities expense
35. Prepaid interest income
36. Pag-ibig payable
37. Value added tax payable
38. Advances from customers
39. Prepaid advertising expense
40. Unused office supplie
41. Trading securities or marketable securities
42. Money market placements with maturity of one year or less.
43. Store Furniture and fixtures
44. Accumulated depreciation – Furniture and fixtures
45. Prepaid rent expense
46. Prepaid insurance expense
47. Accounts receivable
48. Unexpired insurance expense
49. Tools
50. Investment in subsidiary
51. Investment in associate
52. Accounts payable
53. Notes payable
54. Talong, Capital
55. Juvo, Capital
56. Dalag, Withdrawal
57. Income tax payable
58. Interest payable
59. Interest receivable
60. Advances to employees (vale)
61. Advances to suppliers
62. Rent payable
63. Land
64. Biya, Drawing
65. Upo, Personal
THE END