Accounting




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General Accounting Discussions: Help with understanding account classifications

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    • CommentAuthorzpalmer
    • CommentTimeDec 4th 2007
     
    Our school has a tracking project where we need to work on classifying accounts correctly. I find this pretty difficult because I forget what goes where...
    For example:
    Gain on Disposal of a business segment (is it classified as revenue, does it go on the balance sheet or income statementetc.)
    Interest Expense (Is it an expense or a liability, is it reported on the balance sheet or income statement etc.)

    These are just two of the many examples, but hpefully you get my point.

    Is there a rule of thumb here? Major Classification, Account Sub-Classification, Normal Balance (Debit/Credit), Financial Statement (Balance sheet , income statement,retained earnings) and temp or perm account...
    I looked everywhere on this ste for some help regarding this and couldnt find anything that really helped.

    Any imput much appreciated.
    • CommentAuthorMurad
    • CommentTimeDec 15th 2007
     
    I could help you. Write your questions and will try to help you?
    Thankful People: BECKYRICHTER

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