{"id":44,"date":"2015-03-18T22:39:10","date_gmt":"2015-03-18T22:39:10","guid":{"rendered":"https:\/\/courses.candelalearning.com\/finacct2x10xmaster\/?post_type=chapter&#038;p=44"},"modified":"2017-08-10T14:10:28","modified_gmt":"2017-08-10T14:10:28","slug":"assets-liabilities-and-owners-equity","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/clinton-finaccounting\/chapter\/assets-liabilities-and-owners-equity\/","title":{"raw":"Account Types","rendered":"Account Types"},"content":{"raw":"<h2>\u00a0Account Types<\/h2>\r\nTransactions can be summarized into similar group or accounts.\u00a0 A company compiles a list of accounts to make the chart of accounts.\u00a0 Need more information about what an account is?\u00a0 Watch this brief video.\r\n\r\nhttps:\/\/youtu.be\/xEjWZndqK0E\r\n\r\nThe video explained that accounts are like file folders.\u00a0 What are some things a company might have?\u00a0 A company might have cash or a checking account, invoices for\u00a0money we will receive from customers later, bills we have to pay, and we might own property like land, building or equipment.\u00a0 We have 5 basic categories for accounts:\r\n<ul>\r\n \t<li><strong>Asset<\/strong>:\u00a0 Something a business has or owns<\/li>\r\n \t<li><strong>Liability<\/strong>:\u00a0 Something we owe to a non-owner<\/li>\r\n \t<li><strong>Equity<\/strong>:\u00a0 Something we owe to the owners or the value of the investment to the owner<\/li>\r\n \t<li><strong>Revenue<\/strong>:\u00a0 Value of the goods we have sold or the services we have performed<\/li>\r\n \t<li><strong>Expenses<\/strong>:\u00a0 Costs of doing business<\/li>\r\n<\/ul>\r\nLet's look at each one individually.\u00a0 We will look\u00a0at the broad picture of each category as you will learn the details later in the course.\r\n\r\n<strong><span style=\"color: #0000ff\">Assets<\/span>:\u00a0<\/strong>Assets are something you own or have and\u00a0they are resources you expect to gain a benefit from in the future. Depending on the nature of the business there are many things that can be classified as assets.\r\n\r\nSome examples of assets are:\r\n<ul>\r\n \t<li>Cash (refers to the business cash available but can also be a checking or savings account)<\/li>\r\n \t<li>Office Supplies or other prepaid expenses (any expenses the business pays in advance)<\/li>\r\n \t<li>Accounts receivable (amount we will receive from customers at a later date)<\/li>\r\n \t<li>Inventory (items we intend to sell later)<\/li>\r\n \t<li>Equipment (value of equipment purchased)<\/li>\r\n \t<li>Building (value of building purchased)<\/li>\r\n \t<li>Land (value of land purchased)<\/li>\r\n<\/ul>\r\n<strong><span style=\"color: #0000ff\">Liabilities<\/span>:<\/strong>\u00a0Liabilities are something that business owes to a non-owner (debt and business obligations). Liabilities can easily be identified as the account will most often end in the word \"payable\" since it is something we must pay someone in the future.\r\n\r\nSome examples of liabilities are:\r\n<ul>\r\n \t<li>Accounts Payable (bills the company must pay)<\/li>\r\n \t<li>Sales Tax Payable (sales tax obligations)<\/li>\r\n \t<li>Wages Payable (obligations to employees for work performed),<\/li>\r\n \t<li>Payroll Taxes Payable (obligations paid on a monthly or quarterly to state, local or federal agencies)<\/li>\r\n \t<li>Unearned Revenue (down payments received on work to be completed in the future)<\/li>\r\n \t<li>Mortgage\u00a0Payable (for example mortgage on business property)<\/li>\r\n \t<li>Notes Payable (business financial obligations from signing a promissory note).<\/li>\r\n<\/ul>\r\n<span style=\"color: #0000ff\">Equity<span style=\"color: #000000\">:\u00a0 Equity accounts represent the value of the owner's investment in the company.\u00a0 The Equity accounts are different based on the type of company.<\/span><\/span>\r\n<ol>\r\n \t<li>For sole-proprietorship and partnership, a <strong>Capital<\/strong> account is used to record the investment of the owners and income earned by the company.\u00a0 A<strong>\u00a0<\/strong><strong>Withdrawal (or drawing)<\/strong>\u00a0account is used when the owner takes money out for personal use.<\/li>\r\n \t<li>For corporations, a <strong>Common Stock<\/strong> account is used to record the investment of the owners.\u00a0 A <strong>Retained Earnings<\/strong> account is used to record the earnings of a corporation and to record when earnings are given back to the owners in the form of <strong>dividends<\/strong>.<\/li>\r\n<\/ol>\r\nhttps:\/\/youtu.be\/OO3pV3L7nFI?list=PL_PmoCeUoNMIX3zP2yYSAq8gi6irBVh-1\r\n\r\n<span style=\"color: #0000ff\"><strong>Revenues\u00a0<\/strong><\/span>represent the value of the goods or services provided. Thanks to the revenue recognition principle, we record revenue when we actually do the work by performing a service or delivering a product.\u00a0\u00a0Examples of revenue accounts include:\r\n<ul>\r\n \t<li>Service Revenue (revenue from completing a service, could be specific like plumbing service revenue, accounting service revenue, photography service revenue, etc.)<\/li>\r\n \t<li>Sales Revenue (value of products you sell)<\/li>\r\n \t<li>Interest Revenue (value of interest earned on investments or bank accounts)<\/li>\r\n<\/ul>\r\n<strong><span style=\"color: #0000ff\">Expenses<\/span>\u00a0<\/strong>are costs to the company and reflect the outflow of money. What matters is have we incurred or used\u00a0the expense. These expenses represent the all costs of doing business and are used in order to generate the revenue. \u00a0Examples of expenses accounts include (notice how most expense accounts end in the word \"expense\"):\r\n<ul>\r\n \t<li>Cost of Goods Sold (what we paid for inventory we have sold)<\/li>\r\n \t<li>Utilities Expense (cost of utilities)<\/li>\r\n \t<li>Wages Expense (cost of employee's earnings)<\/li>\r\n \t<li>Rent Expense (cost of renting office space or equipment)<\/li>\r\n \t<li>Supplies Expense (cost of supplies used)<\/li>\r\n \t<li>Insurance Expense (cost of insurance used)<\/li>\r\n \t<li>Advertising Expense (cost of advertising)<\/li>\r\n \t<li>Bank Fees Expense (cost of bank fees charged by the bank)<\/li>\r\n<\/ul>\r\nBelow is an example of a chart of accounts for Metro Courier, Inc. which\u00a0is a corporation.\u00a0 Notice how the chart is listed in the order of Assets, Liabilities, Equity, Revenue and Expense.\u00a0 This order makes it easy to complete the financial statements.\u00a0 Click <a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/664\/2016\/02\/22203512\/Metro-COA.pdf\">Metro COA<\/a>\u00a0for a printable copy.\r\n<table style=\"background-color: #9fc2c1\">\r\n<tbody>\r\n<tr>\r\n<td style=\"text-align: center\" colspan=\"2\"><strong>Metro Courier Inc.<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"text-align: center\" colspan=\"2\"><strong>Chart of Accounts<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Account Name<\/strong><\/td>\r\n<td style=\"text-align: center\"><strong>Account Type<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Cash<\/td>\r\n<td style=\"text-align: center\">Asset<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Supplies<\/td>\r\n<td style=\"text-align: center\">Asset<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Accounts Receivable<\/td>\r\n<td style=\"text-align: center\">Asset<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Prepaid Rent<\/td>\r\n<td style=\"text-align: center\">Asset<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Inventory<\/td>\r\n<td style=\"text-align: center\">Asset<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Office Equipment<\/td>\r\n<td style=\"text-align: center\">Asset<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Building<\/td>\r\n<td style=\"text-align: center\">Asset<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Land<\/td>\r\n<td style=\"text-align: center\">Asset<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Accounts Payable<\/td>\r\n<td style=\"text-align: center\">Liability<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Interest Payable<\/td>\r\n<td style=\"text-align: center\">Liability<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Wages Payable<\/td>\r\n<td style=\"text-align: center\">Liability<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Sales Tax Payable<\/td>\r\n<td style=\"text-align: center\">Liability<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Unearned Revenue<\/td>\r\n<td style=\"text-align: center\">Liability<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Income Tax Payable<\/td>\r\n<td style=\"text-align: center\">Liability<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Social Security Tax Payable<\/td>\r\n<td style=\"text-align: center\">Liability<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Mortgage Payable<\/td>\r\n<td style=\"text-align: center\">Liability<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Notes Payable<\/td>\r\n<td style=\"text-align: center\">Liability<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Common Stock<\/td>\r\n<td style=\"text-align: center\">Equity<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Retained Earnings<\/td>\r\n<td style=\"text-align: center\">Equity<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Service Revenue<\/td>\r\n<td style=\"text-align: center\">Revenue<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Interest Revenue<\/td>\r\n<td style=\"text-align: center\">Revenue<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Utilities Expense<\/td>\r\n<td style=\"text-align: center\">Expense<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Rent Expense<\/td>\r\n<td style=\"text-align: center\">Expense<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Supplies Expense<\/td>\r\n<td style=\"text-align: center\">Expense<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Wages Expense<\/td>\r\n<td style=\"text-align: center\">Expense<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Taxes Expense<\/td>\r\n<td style=\"text-align: center\">Expense<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Insurance Expense<\/td>\r\n<td style=\"text-align: center\">Expense<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>Bank Fees Expense<\/td>\r\n<td style=\"text-align: center\">Expense<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p style=\"text-align: center\"><strong>\u00a0<\/strong><\/p>\r\nYou can create your own master chart of accounts for use in this course and build on it as we go along.\u00a0 You should be able to complete the account type column and some of the account descriptions.\u00a0 Click\u00a0<a href=\"https:\/\/drive.google.com\/open?id=1Z6JULDhA4jUR8eocG7DzjUKuzn5CbSF81KDhMwsTmgw\">Chart of Accounts<\/a>\u00a0to access a google spreadsheet that you can download and use during the course.\r\n\r\n&nbsp;","rendered":"<h2>\u00a0Account Types<\/h2>\n<p>Transactions can be summarized into similar group or accounts.\u00a0 A company compiles a list of accounts to make the chart of accounts.\u00a0 Need more information about what an account is?\u00a0 Watch this brief video.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"&quot;CHART OF ACCOUNTS&quot; - The Bookkeeping System Foundation\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/xEjWZndqK0E?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>The video explained that accounts are like file folders.\u00a0 What are some things a company might have?\u00a0 A company might have cash or a checking account, invoices for\u00a0money we will receive from customers later, bills we have to pay, and we might own property like land, building or equipment.\u00a0 We have 5 basic categories for accounts:<\/p>\n<ul>\n<li><strong>Asset<\/strong>:\u00a0 Something a business has or owns<\/li>\n<li><strong>Liability<\/strong>:\u00a0 Something we owe to a non-owner<\/li>\n<li><strong>Equity<\/strong>:\u00a0 Something we owe to the owners or the value of the investment to the owner<\/li>\n<li><strong>Revenue<\/strong>:\u00a0 Value of the goods we have sold or the services we have performed<\/li>\n<li><strong>Expenses<\/strong>:\u00a0 Costs of doing business<\/li>\n<\/ul>\n<p>Let&#8217;s look at each one individually.\u00a0 We will look\u00a0at the broad picture of each category as you will learn the details later in the course.<\/p>\n<p><strong><span style=\"color: #0000ff\">Assets<\/span>:\u00a0<\/strong>Assets are something you own or have and\u00a0they are resources you expect to gain a benefit from in the future. Depending on the nature of the business there are many things that can be classified as assets.<\/p>\n<p>Some examples of assets are:<\/p>\n<ul>\n<li>Cash (refers to the business cash available but can also be a checking or savings account)<\/li>\n<li>Office Supplies or other prepaid expenses (any expenses the business pays in advance)<\/li>\n<li>Accounts receivable (amount we will receive from customers at a later date)<\/li>\n<li>Inventory (items we intend to sell later)<\/li>\n<li>Equipment (value of equipment purchased)<\/li>\n<li>Building (value of building purchased)<\/li>\n<li>Land (value of land purchased)<\/li>\n<\/ul>\n<p><strong><span style=\"color: #0000ff\">Liabilities<\/span>:<\/strong>\u00a0Liabilities are something that business owes to a non-owner (debt and business obligations). Liabilities can easily be identified as the account will most often end in the word &#8220;payable&#8221; since it is something we must pay someone in the future.<\/p>\n<p>Some examples of liabilities are:<\/p>\n<ul>\n<li>Accounts Payable (bills the company must pay)<\/li>\n<li>Sales Tax Payable (sales tax obligations)<\/li>\n<li>Wages Payable (obligations to employees for work performed),<\/li>\n<li>Payroll Taxes Payable (obligations paid on a monthly or quarterly to state, local or federal agencies)<\/li>\n<li>Unearned Revenue (down payments received on work to be completed in the future)<\/li>\n<li>Mortgage\u00a0Payable (for example mortgage on business property)<\/li>\n<li>Notes Payable (business financial obligations from signing a promissory note).<\/li>\n<\/ul>\n<p><span style=\"color: #0000ff\">Equity<span style=\"color: #000000\">:\u00a0 Equity accounts represent the value of the owner&#8217;s investment in the company.\u00a0 The Equity accounts are different based on the type of company.<\/span><\/span><\/p>\n<ol>\n<li>For sole-proprietorship and partnership, a <strong>Capital<\/strong> account is used to record the investment of the owners and income earned by the company.\u00a0 A<strong>\u00a0<\/strong><strong>Withdrawal (or drawing)<\/strong>\u00a0account is used when the owner takes money out for personal use.<\/li>\n<li>For corporations, a <strong>Common Stock<\/strong> account is used to record the investment of the owners.\u00a0 A <strong>Retained Earnings<\/strong> account is used to record the earnings of a corporation and to record when earnings are given back to the owners in the form of <strong>dividends<\/strong>.<\/li>\n<\/ol>\n<p><iframe loading=\"lazy\" id=\"oembed-2\" title=\"What is Equity (Financial Accounting Tutorial #10)\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/OO3pV3L7nFI?list=PL_PmoCeUoNMIX3zP2yYSAq8gi6irBVh-1\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"color: #0000ff\"><strong>Revenues\u00a0<\/strong><\/span>represent the value of the goods or services provided. Thanks to the revenue recognition principle, we record revenue when we actually do the work by performing a service or delivering a product.\u00a0\u00a0Examples of revenue accounts include:<\/p>\n<ul>\n<li>Service Revenue (revenue from completing a service, could be specific like plumbing service revenue, accounting service revenue, photography service revenue, etc.)<\/li>\n<li>Sales Revenue (value of products you sell)<\/li>\n<li>Interest Revenue (value of interest earned on investments or bank accounts)<\/li>\n<\/ul>\n<p><strong><span style=\"color: #0000ff\">Expenses<\/span>\u00a0<\/strong>are costs to the company and reflect the outflow of money. What matters is have we incurred or used\u00a0the expense. These expenses represent the all costs of doing business and are used in order to generate the revenue. \u00a0Examples of expenses accounts include (notice how most expense accounts end in the word &#8220;expense&#8221;):<\/p>\n<ul>\n<li>Cost of Goods Sold (what we paid for inventory we have sold)<\/li>\n<li>Utilities Expense (cost of utilities)<\/li>\n<li>Wages Expense (cost of employee&#8217;s earnings)<\/li>\n<li>Rent Expense (cost of renting office space or equipment)<\/li>\n<li>Supplies Expense (cost of supplies used)<\/li>\n<li>Insurance Expense (cost of insurance used)<\/li>\n<li>Advertising Expense (cost of advertising)<\/li>\n<li>Bank Fees Expense (cost of bank fees charged by the bank)<\/li>\n<\/ul>\n<p>Below is an example of a chart of accounts for Metro Courier, Inc. which\u00a0is a corporation.\u00a0 Notice how the chart is listed in the order of Assets, Liabilities, Equity, Revenue and Expense.\u00a0 This order makes it easy to complete the financial statements.\u00a0 Click <a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/664\/2016\/02\/22203512\/Metro-COA.pdf\">Metro COA<\/a>\u00a0for a printable copy.<\/p>\n<table style=\"background-color: #9fc2c1\">\n<tbody>\n<tr>\n<td style=\"text-align: center\" colspan=\"2\"><strong>Metro Courier Inc.<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center\" colspan=\"2\"><strong>Chart of Accounts<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Account Name<\/strong><\/td>\n<td style=\"text-align: center\"><strong>Account Type<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Cash<\/td>\n<td style=\"text-align: center\">Asset<\/td>\n<\/tr>\n<tr>\n<td>Supplies<\/td>\n<td style=\"text-align: center\">Asset<\/td>\n<\/tr>\n<tr>\n<td>Accounts Receivable<\/td>\n<td style=\"text-align: center\">Asset<\/td>\n<\/tr>\n<tr>\n<td>Prepaid Rent<\/td>\n<td style=\"text-align: center\">Asset<\/td>\n<\/tr>\n<tr>\n<td>Inventory<\/td>\n<td style=\"text-align: center\">Asset<\/td>\n<\/tr>\n<tr>\n<td>Office Equipment<\/td>\n<td style=\"text-align: center\">Asset<\/td>\n<\/tr>\n<tr>\n<td>Building<\/td>\n<td style=\"text-align: center\">Asset<\/td>\n<\/tr>\n<tr>\n<td>Land<\/td>\n<td style=\"text-align: center\">Asset<\/td>\n<\/tr>\n<tr>\n<td>Accounts Payable<\/td>\n<td style=\"text-align: center\">Liability<\/td>\n<\/tr>\n<tr>\n<td>Interest Payable<\/td>\n<td style=\"text-align: center\">Liability<\/td>\n<\/tr>\n<tr>\n<td>Wages Payable<\/td>\n<td style=\"text-align: center\">Liability<\/td>\n<\/tr>\n<tr>\n<td>Sales Tax Payable<\/td>\n<td style=\"text-align: center\">Liability<\/td>\n<\/tr>\n<tr>\n<td>Unearned Revenue<\/td>\n<td style=\"text-align: center\">Liability<\/td>\n<\/tr>\n<tr>\n<td>Income Tax Payable<\/td>\n<td style=\"text-align: center\">Liability<\/td>\n<\/tr>\n<tr>\n<td>Social Security Tax Payable<\/td>\n<td style=\"text-align: center\">Liability<\/td>\n<\/tr>\n<tr>\n<td>Mortgage Payable<\/td>\n<td style=\"text-align: center\">Liability<\/td>\n<\/tr>\n<tr>\n<td>Notes Payable<\/td>\n<td style=\"text-align: center\">Liability<\/td>\n<\/tr>\n<tr>\n<td>Common Stock<\/td>\n<td style=\"text-align: center\">Equity<\/td>\n<\/tr>\n<tr>\n<td>Retained Earnings<\/td>\n<td style=\"text-align: center\">Equity<\/td>\n<\/tr>\n<tr>\n<td>Service Revenue<\/td>\n<td style=\"text-align: center\">Revenue<\/td>\n<\/tr>\n<tr>\n<td>Interest Revenue<\/td>\n<td style=\"text-align: center\">Revenue<\/td>\n<\/tr>\n<tr>\n<td>Utilities Expense<\/td>\n<td style=\"text-align: center\">Expense<\/td>\n<\/tr>\n<tr>\n<td>Rent Expense<\/td>\n<td style=\"text-align: center\">Expense<\/td>\n<\/tr>\n<tr>\n<td>Supplies Expense<\/td>\n<td style=\"text-align: center\">Expense<\/td>\n<\/tr>\n<tr>\n<td>Wages Expense<\/td>\n<td style=\"text-align: center\">Expense<\/td>\n<\/tr>\n<tr>\n<td>Taxes Expense<\/td>\n<td style=\"text-align: center\">Expense<\/td>\n<\/tr>\n<tr>\n<td>Insurance Expense<\/td>\n<td style=\"text-align: center\">Expense<\/td>\n<\/tr>\n<tr>\n<td>Bank Fees Expense<\/td>\n<td style=\"text-align: center\">Expense<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center\"><strong>\u00a0<\/strong><\/p>\n<p>You can create your own master chart of accounts for use in this course and build on it as we go along.\u00a0 You should be able to complete the account type column and some of the account descriptions.\u00a0 Click\u00a0<a href=\"https:\/\/drive.google.com\/open?id=1Z6JULDhA4jUR8eocG7DzjUKuzn5CbSF81KDhMwsTmgw\">Chart of Accounts<\/a>\u00a0to access a google spreadsheet that you can download and use during the course.<\/p>\n<p>&nbsp;<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-44\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Accounting Principles: A Business Perspective. <strong>Authored by<\/strong>: James Don Edwards, University of Georgia &amp; Roger H. Hermanson, Georgia State University. <strong>Provided by<\/strong>: Endeavour International Corporation. <strong>Project<\/strong>: The Global Text Project   . <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>What is an Asset (Financial Accounting Tutorial #8). <strong>Authored by<\/strong>: Note Pirate. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/PWgIKbv3VWQ?list=PL_PmoCeUoNMIX3zP2yYSAq8gi6irBVh-1\">https:\/\/youtu.be\/PWgIKbv3VWQ?list=PL_PmoCeUoNMIX3zP2yYSAq8gi6irBVh-1<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><li>What is a Liability? 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