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Do it require any type of accounts required to be added to? Please help to edit and update wiki.

<p><strong>Different Types of accounts as given in wiki:</strong></p> <p><strong>1. Asset accounts</strong>:represent the different types of economic resources owned or controlled by business, common examples of Asset accounts are cash, cash in bank, building, inventory, prepaid rent, goodwill, accounts receivable</p> <p><strong>2.Liability accounts</strong>:represent the different types of economic obligations by a business, such as accounts payable, bank loan, bonds payable, accrued interest</p> <p><strong>3.Equity accounts:r</strong>epresent the residual equity of a business (after deducting from Assets all the liabilities) including Retained Earnings and Appropriations</p> <p><strong>4.Revenue accounts or income:</strong>represent the company's gross earnings and common examples include Sales, Service revenue and Interest Income</p> <p><strong>5.Expense accounts</strong>: represent the company's expenditures to enable itself to operate. Common examples are electricity and water, rentals, depreciation, doubtful accounts, interest, insurance.</p> <p><strong>6.Contra accounts:</strong> Some balance sheet items have corresponding contra accounts, with negative balances, that offset them. Examples are:-accumulated depreciation against equipment,allowance for bad debts against long term accounts receivable.</p>

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تم إضافة السؤال من قبل VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.
تاريخ النشر: 2014/11/19
Syed Hyder
من قبل Syed Hyder , Assistant Manager–Commercial Finance (Inventory & Payables) , Daraz.pk (Ali Baba Venture)

Eliminate Contra Accounts

 

Malik Khalid Mahmood
من قبل Malik Khalid Mahmood , Regional Finance Manager , Leosons International FZ LLC

Suspense account

Fow unknown enteries, which will rectified when it is discovered.

MALIIK SOHAIL ABBAS
من قبل MALIIK SOHAIL ABBAS , ACCOUNTS MANAGER , AL RAWDAH GREEN SWEET WATER

add PROFIT & LOSS APPROPRAITION ACCOUNT AND REATINED EARNING

 

ghasan katreeb
من قبل ghasan katreeb , محاسب , ادارة الموارد الساحلية

The answers given are correct and respected

Rania Nabil Abdul Hamid
من قبل Rania Nabil Abdul Hamid , SYSTEM ANALIST ALOTHAMAN & ALSARAF COMPUTER CO

It require different Suspense accounts such as:

=Dividens account which contains for shares collection

- Tempo Suspense

- Expenses.    

-Profits

-Compensations

-Incentive

=Debts and their interest applied

 

georgei assi
من قبل georgei assi , مدير حسابات , المجموعة السورية

Thank you my friend

Girma Degefu
من قبل Girma Degefu , Senior Cost Accountant , Assela Malt Factory

Types of Liabilities. Businesses sort their liabilities into two categories: current and long-term. Current liabilities are debts payable within one year, while long-term liabilities are debts payable over a longer period.

Rakesh Kumar
من قبل Rakesh Kumar , Branch Head of Sales & Collections , V.S. Associates

To add any person for payee we should know the account type like / current account / saving account

Parvez Iqbal
من قبل Parvez Iqbal , Associate manager PPC , Naveena Denim Lahore

Liabilities can be classified into three categories: current, non-current and contingent.

FITAH MOHAMED
من قبل FITAH MOHAMED , Financial Manager , FUEL AND ENERGY CO for transportion petroleum materials

THANKS  

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