COMM 111 Chapter 2: Week 2- Chapter 2
5 Nov 2016
School
Department
Course
Professor
Document Summary
Cash: bank account balances, paper currency and undeposited cheques. Accounts receivable: the amounts owing from customers who have purchased goods or services on credit. Inventory: the goods a company sells to its customers. Companies that make their own products also have inventory consisting of the raw materials. Prepaid expenses: the expenses a company has paid in advance of actually using the product or service it has purchased. If a company were to pay up front for a one year insurance contract, the payment would thus be recorded as a prepaid. Land: includes any land a company uses in its operation. Buildings: office buildings, factories, any building owned by a company. Equipment, furniture and fixtures: include a variety of office computer and manufacturing equipment, as well as any furniture and fixtures owned by a company. Accounts payable: the amounts a company owes to suppliers who have sold the company goods or services on credit (opposite of accounts receivable)
