What are the common accounting entries

Common accounting entries are asset class, liability class, owner's equity class, cost class, income class

Asset class:

1. cash 2. bank deposits 3. accounts receivable 4. inventory 5. fixed assets 6. accounts receivable in advance 7. other receivables 8. accumulated depreciation 9. notes receivable 10. amortized expenses

Liability class:

Accounts Payable2.Accounts Received in Advance3.Other Accounts Payable4.Dividends Payable5.Notes Payable6,Employee Compensation Payable7.Taxes Payable8.Interest Payable9,Short Term Borrowings10.Long Term Payables

Accounting entries are classified categories that account for the specifics of the objects of the accounting elements. The specific content of the accounting object is different, management requirements are also different.

In order to comprehensively, systematically, categorically account for and monitor the occurrence of economic operations, and the resulting changes in assets, liabilities, owners' equity and profit and loss, it is necessary to set up separate accounting entries in accordance with each accounting object.

Setting up accounting accounts is the specific content of the accounting object to the scientific categorization, is a method of accounting and supervision of classification.

In order to continuously, systematically and comprehensively account for and supervise the economic activities caused by the increase or decrease of the accounting elements of change, it is necessary to the specific content of the accounting elements in accordance with their different characteristics and economic management requirements for scientific classification.

And in advance to determine the classification of the name of the accounting program, the accounting content. This classification of accounting elements of the specific content of the accounting project, known as the accounting account.