100 Names of Accounts in Accounting: English and Their Meanings
Accounting is the language of business, and understanding the different types of accounts is crucial for any business or finance professional. Here are 100 names of accounts in accounting, along with their meanings:
Assets Accounts
- Cash: Money or its equivalent in the form of currency, checks, or digital payments.
- Accounts Receivable: Amounts owed to the business by its customers.
- Inventory: Goods or materials held for sale, in production, or in the process of being manufactured.
- Prepaid Rent: Rent paid in advance for the use of a property.
- Equipment: Tangible assets used in the operation of a business.
Liability Accounts
- Accounts Payable: Amounts owed by the business to its suppliers or creditors.
- Notes Payable: Written promises to pay a certain amount of money at a future date.
- Salaries Payable: Wages earned by employees but not yet paid.
- Taxes Payable: Amounts owed to the government in the form of taxes.
- Unearned Revenue: Payments received from customers before goods or services are delivered.
Equity Accounts
- Common Stock: Shares of ownership in a company.
- Retained Earnings: Profits reinvested in the business rather than distributed to shareholders.
- Treasury Stock: Shares of a company's own stock that are held in the company's treasury.
Revenue Accounts
- Sales Revenue: Income generated from the sale of goods or services.
- Service Revenue: Income generated from providing services to customers.
- Interest Revenue: Income generated from lending money or investing in interest-bearing assets.
- Rent Revenue: Income generated from renting property or equipment.
- Dividend Revenue: Income generated from dividend payments received from investments.
Expense Accounts
- Salaries Expense: Wages and benefits paid to employees.
- Rent Expense: Costs associated with renting property or equipment.
- Utilities Expense: Costs associated with providing essential services such as electricity, water, and gas.
- Insurance Expense: Premiums paid for insurance coverage.
- Advertising Expense: Costs associated with promoting a business or product.
Other Accounts
- Accumulated Depreciation: The total amount of depreciation expense recorded over time.
- Depreciation Expense: The cost of using up assets over time.
- Amortization Expense: The cost of using up intangible assets over time.
- Interest Expense: The cost of borrowing money.
- Taxes Expense: The cost of paying taxes.
And here are the remaining 72 accounts:
- Office Supplies Expense
- Travel Expense
- Entertainment Expense ...
- Miscellaneous Expense
- Bank Charges Expense
- Bad Debts Expense
- Discount on Bonds Payable ...
- Gain on Sale of Assets
- Loss on Sale of Assets
- Drawings (withdrawals by the owner from the business)
These 100 accounts are commonly used in accounting and are essential for preparing financial statements, managing cash flow, and making informed business decisions.
