Accounting Element

3. Debts arising from purchase of an asset on account evidenced by a promissory note.
4. Stocks purchased by the business to be held for a short time.
6. Promissory note issued by the client for goods received.
8. Shows the changes in the Capital or Owner's Equity as a result of additional investment, withdrawals, net income or net loss for the year.
9. Contra-asset account representing expired cost of plant, property & equipment as a result of usage and passage of time.
11. Interest of the owners on the business.
12. Obligations of the business arising from advance payments received before services are provided to the customer
14. Unsold goods at the end of the accounting period.
16. Shows the financial condition / position of a business as of a given period.
17. Represents the withdrawals made by the owner of the business either in cash or other assets
19. Shows the results of operations for a given period.

1. Items that will be used in the operations of the business that have been paid in advance.
2. Payments made to employees for rendering services to the company.
5. Revenues earned by performing services for a customer.
7. Debts & obligations to pay claims of the creditors on the assets of the business.
10. An obligation to pay utility companies for services received from them.
13. Economic resources owned by the business expected for future gain.
15. Lot used by the business on which a building can be constructed.
18. Non-monetary assets without physical substance held for use in the production or supply of goods, for rental to others, or for administrative purposes.