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.