The value of the goods that you have on hand and available for sale.
The value of things (property and equipment) that you own for long term use in your business rather than for resale.
Fixed assets generally have an estimated life of longer than one year.
Contra asset the value by which fixed assets Depreciation are reduced to indicate their decline in value, usually due to age.
A truck does not last forever, No matter how hard you try to keep it in good running condition.
Other Current Assets
Asset The value of nonworking capital that has a short life (usually less than a year).
Employee advances and prepaid expenses, such as deposits made to utility companies, are examples of other current assets.
Asset The value of nonworking capital that has a long life (usually longer than one year).
Accounts Payable Liability
The value of the bills you owe to vendors, usually due in 30 or 60 days (a short time frame).
This liability account is required for accrual-based businesses.
Other Current Liabilities Liability
The value of debts that you must pay in less than one year. Short term
loans are other current liabilities.
Long-Term Liabilities Liability
The value of debts that you must pay but you have longer than one
Year to pay them. A three-year bank loan to buy a truck is a long term Liability.
Equity–Doesn’t Close Equity
The value of things, such as common stock, that carries forward from year to year. Typically, you use this account type for a corporation that issues stock.
Equity–Gets Closed Equity
The value of equity accounts that don’t carry forward from year to year but instead become part of retained earnings.
Use this account type for dividends that you pay to owners or shareholders.
The accumulated value of net profit
Earnings its or losses. Peachtree automatically updates this account for you when you close your year.
The value of sales that you make to your customers.
Cost of Sales
Expense the known cost to your business of selling goods or services to customers.
Typically, the price that you pay for purchased goods for Resale or to use in manufacturing Goods for resale is the cost of sales.
The costs that your business incurs to operate, such as wages, rent, and electricity.
 An asset account used to record amounts given to an employee with the expectation of repayment. For example, if an employee is given money by a company and the money is expected to be repaid or spent for company purposes, the amount will be recorded in this current asset account until it is repaid or until the expense documentation is provided.