We have study about the financial statements and its account title and I now understand what are they. I know you want also to know what are they to make you familiar.
Here are the different account titles which we have classified into Balance Sheet and Income Statement Accounts.
Assets - are classified into two, namely: Current Assets and Non-Current Assets.- Current Assets - are all assets that re expected to be realized, sold or consumed within the enterprises normal operating cycle, which is the interval of time from teh date of acquisition of merchandise inventory, sell the inventory to customers and the ultimate collection of cash from the sale. Under Current Assets.
- Non-Current Assets - are all other assets not classified as current. Under Current Assets.
Those are the two (2) classification of assets. I hope you will understand what they are and what are the account title under each type of Assets.
