Current Assets:

Cash- money held in cash register

Marketable Securities- short term investment
Notes Receivable- amounts due from customers, written promise
Accounts Receivable- amounts due from customers on credit
Allowance for Doubtful Accounts- deduction against the accounts and notes receivable (customers that
can no longer pay)
Inventories- products or goods held by the business
Prepaid Expenses- expenses that are paid in advance

Non-current Assets:
PPE- tangible assets owned by the business (ex. land, building, machineries, furniture/fixtures)\
Accumulated Depreciation- deduction
Long Term Investments- intends to hold for more than a year.
Intangible Assets- not physical in nature
Patent- limited period of time
Trademark- sign or indicator
Copyright- work or creator
Goodwill- intangible asset

Current Liabilities:
Accounts Payable- when you have not paid the assets or services you have received
Notes Payable- written promise to pay at a future date
Accrued Expenses- such as wages, salaries, and utility charges) incurred but not paid, it becomes an
obligation
Unearned Revenues- when an individual or company receives money for a service or product that has
yet to be fulfilled. Example, advance payment for a hotel booking of P5000. Still unearned revenue until
the individual comes to the hotel to the hotel and make use of the booking made.

Non-current Liabilities:
Bonds payable- due and payable over a period exceeding one year
Mortgage payable- loans taken out for the purchase that are paid over a long time period
Notes payable- are the amounts still owned on any long-term debts