Wells Fargo Money Market Accounts
Accounting can be a confusing subject for many people, including small business owners. Part of this confusion is due to the accounts used in accounting and how they relate. This can be particularly confusing when you throw double entry accounting into the mix and the chart of accounts. Accounting accounts can be broken down into one of three categories. These categories are assets, liabilities, and equity (or owner’s equity).
Assets
Asset accounts can be broken into current and fixed assets. Current assets include accounts such as petty cash, checking accounts, savings accounts, money market accounts, investment accounts, and certificates of deposit that mature in the short-term (less than one year). Other current asset accounts may include work-in-process accounts, prepaid expenses, accounts receivable, and inventory accounts. Items like expenses will subtract from these accounts.
Fixed asset accounts may include land, buildings, furniture, fixtures, equipment, vehicles, and other items that can be depreciated. There are also fixed asset accounts that are called contraasset accounts which include items such as depreciation. These accounts counter (or subtract from) asset accounts.
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