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Definition: An asset account is a financial account that represents a company's resources that have future economic value. Examples: Cash, Equipment, Inventory

Definition: A liability account records a company's obligations to creditors or suppliers. Examples: Accounts Payable, Notes Payable, Mortgage Payable

Definition: An equity account represents the owner's interest in the company. Examples: Common Stock, Retained Earnings, Additional Paid-in Capital

Definition: A revenue account records the company's income from sales or services. Examples: Sales Revenue, Service Revenue, Interest Income

Definition: An expense account records the costs incurred by a business in the process of earning revenue. Examples: Rent Expense, Salaries Expense, Depreciation Expense

Definition: A dividend account records the distribution of a portion of a company's profits to its shareholders. Examples: Cash Dividends, Stock Dividends

Definition: Accumulated depreciation account is a contra-asset account that represents the total depreciation taken on a company's assets over time. Examples: Accumulated Depreciation - Equipment, Accumulated Depreciation - Vehicles

Definition: The goodwill account is an intangible asset account representing the excess value paid for a company over its net identifiable assets during an acquisition. Examples: Goodwill from acquisitions

Definition: A prepaid expense account records payments made in advance for goods or services to be received in the future. Examples: Prepaid Rent, Prepaid Insurance

Definition: The allowance for doubtful accounts is a contra-asset account that represents estimated uncollectible receivables. Examples: Allowance for Bad Debt

Definition: A deferred revenue account records income that has been received in advance for goods or services not yet delivered. Examples: Unearned Revenue, Customer Deposits

Definition: The accounts receivable account records the amount of money owed by customers for goods or services that have been provided on credit. Examples: Trade Receivables

Definition: The accounts payable account records the amount of money a company owes to suppliers or creditors for items or services bought on credit. Examples: Trade Payables

Definition: The notes payable account records written promises to pay a certain amount of money on demand or at a defined future date. Examples: Bank Loans, Promissory Notes

Definition: The interest payable account records the amount of interest due but not yet paid on borrowed money. Examples: Interest due on loans, Interest due on bonds

Definition: The retained earnings account represents the accumulated net income retained in the company rather than distributed to shareholders as dividends. Examples: Retained Profits

Definition: The common stock account represents the par value of all common shares issues by a company. Examples: Share Capital - Common Shares

Definition: Accrued expenses are liabilities recognized when an expense is incurred but not yet paid. Examples: Accrued Salaries, Accrued Interest

Definition: The inventory account records the cost of goods available for sale. Examples: Raw Materials, Work-in-Progress, Finished Goods Inventory