Types of accounts
At the request of members
1. Temporary accounts: They are accounts that are related to one year (or one period) and specify the profit and loss of the company.
1-1 Income: Amounts received from customers in the form of providing services or selling goods.
2-1 Expenses: Sometimes in commercial companies, amounts are paid that do not generate any assets for the company, these are consumables and cannot be returned, such as: rent, repairs, salaries, etc.
3-1 Withdrawal: The amounts that are withdrawn for the owner’s personal expenses are recorded in this account. At the end of the year, these withdrawals are deducted from the owner’s contributions to determine his real capital.
2.Permanent accounts: are accounts that are repeated regularly during the period.
1-2 Assets: are economic resources that include future benefits.
1-1-2 Current assets: are assets that are liquid or easy to liquidate, such as the following:
Cash and bank: accounts that are opened in the bank as current or savings and Riyal amounts or documents are kept there.
Fund: Amounts that are kept inside the company in the form of Rials.
Payee: is a person in the accounting sub-group who is given money to pay the expenses of the company (purchasing officer or cashier).
Advance payments: In some cases, the company pays amounts, but has not received any services or goods.
Deposits: This asset is divided into 2 parts: mortgage and property.
Inventory: Goods that are purchased for sale and kept in the warehouse are reflected as inventory in the accounting system.
Accounts and receivables: cash and credit such as checks and promissory notes
2-1-2 Fixed assets: There are assets that are not liquid or are not easy to liquidate.
such as (land, building, equipment and furniture and motor vehicles)
3-1-2 Intangible assets: There are assets that exist but cannot be seen, such as trademarks, software goodwill, water, electricity, gas, telephone and mobile phone privileges, patents, copyrights, and copyrights. Branches and… (….
2-2 Debts: These are the obligations that we or the company have towards individuals or institutions, and these obligations must be paid through cash, delivery of goods or provision of services.
1-2-2 Current debt: unpaid salaries (arrears), advances, accounts payable, documents payable
2-2-2 Long-term debt: payable loans and long-term payable documents
2-3 Capital: Cash or non-cash contributions of the owner are called capital.
Important point: In the accounting standards, there is an equation that connects the permanent accounts to each other:
Assets = Liabilities + Capital
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This post is written by mda140