Classify whether this account is a(n) asset (economic resource of the entity); or liability (obligations of the business entity to another, settlement would require outflow of economic resource); or equity/capital (if the account is neither asset nor liability). Also, determine if it is current (when it is expected to be used, sold, or realized within a period of one (1) year from date of reporting) or noncurrent (if the asset/liability is not current):

CASH ON HAND

Classify whether this account is a(n) asset (economic resource of the entity); or liability (obligations of the business entity to another, settlement would require outflow of economic resource); or equity/capital (if the account is neither asset nor liability). Also, determine if it is current (when it is expected to be used, sold, or realized within a period of one (1) year from date of reporting) or noncurrent (if the asset/liability is not current):

PETTY CASH FUND - this is an amount in cash set aside by companies/businesses to pay for small or petty expenses

Classify whether this account is a(n) asset (economic resource of the entity); or liability (obligations of the business entity to another, settlement would require outflow of economic resource); or equity/capital (if the account is neither asset nor liability). Also, determine if it is current (when it is expected to be used, sold, or realized within a period of one (1) year from date of reporting) or noncurrent (if the asset/liability is not current):

CASH IN BANK - this is the balance of the bank account used by the entity for its transactions. It is not restricted as to its use.

Classify whether this account is a(n) asset (economic resource of the entity); or liability (obligations of the business entity to another, settlement would require outflow of economic resource); or equity/capital (if the account is neither asset nor liability). Also, determine if it is current (when it is expected to be used, sold, or realized within a period of one (1) year from date of reporting) or noncurrent (if the asset/liability is not current):

ACCOUNTS RECEIVABLE - this pertains to the amount of sales or revenue already delivered or rendered but the payment has not yet been collected. This amount can stay uncollected for more than one (1) year.

Classify whether this account is a(n) asset (economic resource of the entity); or liability (obligations of the business entity to another, settlement would require outflow of economic resource); or equity/capital (if the account is neither asset nor liability). Also, determine if it is current (when it is expected to be used, sold, or realized within a period of one (1) year from date of reporting) or noncurrent (if the asset/liability is not current):

ALLOWANCE FOR DOUBTFUL ACCOUNTS - this is an allowance set to account for the portion of receivable that can no longer be collected, especially those outstanding for more than one (1) year.

Classify whether this account is a(n) asset (economic resource of the entity); or liability (obligations of the business entity to another, settlement would require outflow of economic resource); or equity/capital (if the account is neither asset nor liability). Also, determine if it is current (when it is expected to be used, sold, or realized within a period of one (1) year from date of reporting) or noncurrent (if the asset/liability is not current):

ACCUMULATED DEPRECIATION - this is the portion of property, plant and equipment that is expired due to usage, passage of time and wear and tear.

Classify whether this account is a(n) asset (economic resource of the entity); or liability (obligations of the business entity to another, settlement would require outflow of economic resource); or equity/capital (if the account is neither asset nor liability). Also, determine if it is current (when it is expected to be used, sold, or realized within a period of one (1) year from date of reporting) or noncurrent (if the asset/liability is not current):

PATENT 

Classify whether this account is a(n) asset (economic resource of the entity); or liability (obligations of the business entity to another, settlement would require outflow of economic resource); or equity/capital (if the account is neither asset nor liability). Also, determine if it is current (when it is expected to be used, sold, or realized within a period of one (1) year from date of reporting) or noncurrent (if the asset/liability is not current):

ADVANCES FROM CUSTOMERS - this is the amount received from customer for goods to be delivered or services to be performed.

Classify whether this account is a(n) asset (economic resource of the entity); or liability (obligations of the business entity to another, settlement would require outflow of economic resource); or equity/capital (if the account is neither asset nor liability). Also, determine if it is current (when it is expected to be used, sold, or realized within a period of one (1) year from date of reporting) or noncurrent (if the asset/liability is not current):

Owner's drawings - this is the temporary withdrawal of amount by owner from the business

Classify whether this account is a(n) asset (economic resource of the entity); or liability (obligations of the business entity to another, settlement would require outflow of economic resource); or equity/capital (if the account is neither asset nor liability). Also, determine if it is current (when it is expected to be used, sold, or realized within a period of one (1) year from date of reporting) or noncurrent (if the asset/liability is not current):

MORTGAGE PAYABLE - these are loans with corresponding collateral or property being mortgaged. The mortgaged property may be real (land, building) or movable (car, motorcycle, jewelry).