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What do you mean Accounts?

There are different meaning of accounts. It may be defined as a record of credit and debit entries to make-up transactions involving a particular person or particular item or particular concern. Or it may be defined as a report of entries during an accounting period and the resulting balance. A business man or firm or corporate present their accounts generally annually and in two parts: The profit and loss account & Balance sheet. Accounts are audited by certified auditor who comes under the preview of audit as per the rules. As per rules and regulation of SEBI certain information need to be disclosed by the corporate who are listed on stock exchange.
 

Major Types of Accounts Online

Assets: – Intangible or Tangible items that the firms owns that have certain economic value. (Ex-computer, cash, patents). Which represent value or money are Intangible assets (i.e. patents, receivable, certificate of deposit or contracts). The assets which have physical existence is known as Tangible assets (i.e. buildings, land, equipment, land and inventory). As per their life and conversion into cash assets are grouped i.e. fixed asset (life span of one or more year) or current assets (who converted or consumed with in a year or so).
 

Liabilities: – Liabilities are the financial obligations or debts of a firms, the funds the firms owes to others. Liabilities can also be further classified into
 

• Current Liabilities – Generally which has to be paid within 12 months or so or monthly debts. Current liabilities are generally set-off with current assets. The difference of current assets with current liabilities is company net working capital. For long-term success it is very important that company had adequate working capital.
 

• Long Term Liabilities – Generally which had to be paid over the years. Long term loan are generally taken to manage fixed assets.
 

Equity: – Equity is that part of asset which the company owners owns. Equity may be calculated as: Assets = Liabilities + Owners Equity. So, if someone purchase a machine for $ 3,00,000 with a $ 1,00,000 cash and remaining $ 2,00,000 loan, then the equation will be
3,00,000(Assets) = 2,00,000 (Liabilities) + 1,00,000 (Owner’s Equity)
 

Equity accounts is generally of three types
• Paid-up capital
• Distribution
• Retained Earnings
 

Revenue: -Income or Revenue is money which the firms earns by selling a service or products, or from marketable securities or from dividend or interest. Revenue is known by others name also i.e. turnover, gross income or top-line. Revenue is realized generally by two methods Accrual basis or cash basis. Revenue accounts are nominal accounts.
 

Expenses: – Expenses are expenditure, often periodically (monthly), which allow a firm to operate. Some of the examples of expenditure are rent, office supplies, travelling, utilities etc. Like revenue accounts expenses accounts are nominal accounts.
 

Accounts Online Exam

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