Anyone know what account names will best fit these account types?

Question

I would like to know some examples of account names that best represent these account types.

1. Accounts payable

2. Accounts receivable

3.Accumulated depreciation

4.cost of sales

5. Equity - doesnt close

6. Equity - gets closed

7. Equity - Retained Earnings

8. Inventory

9. Fixed assest

10. Other assest

11. Other current assests

12. long term liabilities

13.other current liabilities

Answer 1

These account types can very well be the account names also.  Accounts payable are current liabilities; AR is current assets; Accumulated depreciation is a contra account for fixed assets.  Cost of sales are the costs directly identifiable to the sale of your goods.  Equity that doesnt close is the capital account, the one that close is the net income that was closed to retained earnings.  Inventory are those goods that are available for sale (finished goods). Other kinds are raw materials and work in process.  Other current assets are marketable securities, short term investments.  Long term liabilities are liabilities that will be settled in more than a year.  Current are within a year.

I am an accountant and I may be able to help you but I really dont seem to get your question.

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Answer 2

Are you talking about using Quickbooks or something like that?  I would just name accounts payable accounts payable etc...