| A | B |
|---|
| Cash | Money; current asset |
| Accounts Receivable | Money owed to a business; current asset |
| Merchandise Inventory | Products/Goods available to sell; current asset |
| Prepaid Expenses | Expenses paid ahead of time; current asset |
| Land | Surface ground; fixed asset |
| Buildings | Walled structure; fixed asset |
| Long-term Equipment | Equipment to be used longer than a year; fixed asset |
| Accounts Payable | Money owed to other businesses; bills to pay;current liability |
| Notes Payable | Promissary note (IOU) of money owed; current liability |
| Salaries/Payroll Payable | Money owed for work done; current liability |
| Mortgage | A loan for real estate; long-term liability |
| Long-term Notes Payable | Long-term Promissary note (IOU) for money owed; long-term liability |
