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2. Chart of accounts - Wikipedia

   en.wikipedia.org/wiki/Chart_of_accounts

   Contra-accounts are accounts with negative balances that offset other balance sheet accounts. Examples are accumulated depreciation (offset against fixed assets), and the allowance for bad debts (offset against accounts receivable). Deferred interest is also offset against receivables rather than being classified as a liability.

3. Liquid assets vs. fixed assets: What’s the difference? - AOL

   www.aol.com/finance/liquid-assets-vs-fixed...

   A fixed asset, often referred to as a tangible asset or property, plant, and equipment (PP&E), is a long-term asset that holds value over time and can be used to generate income.

4. Balance sheet - Wikipedia

   en.wikipedia.org/wiki/Balance_sheet

   Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business's calendar year. [2] A standard company balance sheet has two sides: assets on the left, and financing on the right–which itself has two parts; liabilities and ownership equity.

5. Fixed asset - Wikipedia

   en.wikipedia.org/wiki/Fixed_asset

   A fixed asset, also known as long-lived assets or property, plant and equipment (PP&E), is a term used in accounting for assets and property that may not easily be converted into cash. [1] Fixed assets are different from current assets, such as cash or bank accounts, because the latter are liquid assets. In most cases, only tangible assets are ...

6. Verification (audit) - Wikipedia

   en.wikipedia.org/wiki/Verification_(Audit)

   To find out the ownership and title of the assets; To find out whether assets were in existence; To detect frauds and errors, if any; To find out whether there is an adequate internal control regarding acquisition, utilization and disposal of assets. To verify the arithmetic accuracy of the accounts; To ensure that the assets have been recorded ...

7. General ledger - Wikipedia

   en.wikipedia.org/wiki/General_ledger

   Assets = Liabilities + (Shareholder's or Owner's equity). [10] [5] The accounting equation is the mathematical structure of the balance sheet. Although a general ledger appears to be fairly simple, in large or complex organizations or organizations with various subsidiaries, the general ledger can grow to be quite large and take several hours ...