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    Account Classification

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    Mary
    This document defines key accounting classifications and account titles for assets, liabilities, stockholders' equity, revenues, and expenses. Assets are items owned by a corporation that have future value, like cash, inventory, and property. Liabilities are debts owed, such as accounts payable, bonds payable, and long-term notes. Stockholders' equity represents investments in the corporation through shares. Revenues are income from customers, and expenses are costs incurred by the corporation. Debits and credits are used to increase or decrease accounts.

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    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd

    Account Classification

    Uploaded by

    Mary
    11K views2 pages
    This document defines key accounting classifications and account titles for assets, liabilities, stockholders' equity, revenues, and expenses. Assets are items owned by a corporation that have future value, like cash, inventory, and property. Liabilities are debts owed, such as accounts payable, bonds payable, and long-term notes. Stockholders' equity represents investments in the corporation through shares. Revenues are income from customers, and expenses are costs incurred by the corporation. Debits and credits are used to increase or decrease accounts.

    Original Description:

    Break down of the accounts with their individual classifications.

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    © Attribution Non-Commercial (BY-NC)

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    This document defines key accounting classifications and account titles for assets, liabilities, stockholders' equity, revenues, and expenses. Assets are items owned by a corporation that have future value, like cash, inventory, and property. Liabilities are debts owed, such as accounts payable, bonds payable, and long-term notes. Stockholders' equity represents investments in the corporation through shares. Revenues are income from customers, and expenses are costs incurred by the corporation. Debits and credits are used to increase or decrease accounts.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    11K views2 pages

    Account Classification

    Uploaded by

    Mary
    This document defines key accounting classifications and account titles for assets, liabilities, stockholders' equity, revenues, and expenses. Assets are items owned by a corporation that have future value, like cash, inventory, and property. Liabilities are debts owed, such as accounts payable, bonds payable, and long-term notes. Stockholders' equity represents investments in the corporation through shares. Revenues are income from customers, and expenses are costs incurred by the corporation. Debits and credits are used to increase or decrease accounts.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    Accounting Classification ASSETS

    These items are owned by the corporation, and have future value for the corporation.
    Account Title Cash Short-term Investments Notes Receivable Interest Receivable Accounts Receivable Allowance for Doubtful Accounts Inventory Supplies Prepaid Rent Prepaid Insurance Investment in shares of Intel Corporation Stock Investment in real estate Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Copyright Trade Mark Trade Name Goodwill Statement Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Classification Current Asset Current Asset Current Asset Current Asset Current Asset Contra Asset Account Current Asset Current Asset Current Asset Current Asset Long-Term investments Long-Term investments Property, Plant and Equipment Property, Plant and Equipment Property, Plant and Equipment Property, Plant and Equipment Property, Plant and Equipment Intangible Asset Intangible Asset Intangible Asset Intangible Asset Increase Debit Side Debit Side Debit Side Debit Side Debit Side Credit Side Debit Side Debit Side Debit Side Debit Side Debit Side Debit Side Debit Side Debit Side Credit Side Debit Side Credit Side Debit Side Debit Side Debit Side Debit Side Decrease Credit Side Credit Side Credit Side Credit Side Credit Side Debit Side Credit Side Credit Side Credit Side Credit Side Credit Side Credit Side Credit Side Credit Side Debit Side Credit Side Debit Side Credit Side Credit Side Credit Side Credit Side

    LIABILITIES
    These items are debt owed to either individuals or corporations, and must be paid in the future by the corporation. Account Title Notes payable Accounts payable Dividends payable Unearned revenue Interest payable Salaries and wages payable Income tax payable Bonds payable Mortgage payable Long-Term Notes payable Employee benefits payable MJC Revised 10/2011 Statement Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Classification Current liability Current liability Current liability Current liability Current liability Current liability Current liability Long-Term liability Long-Term liability Long-Term liability Long-Term liability Increase Credit Side Credit Side Credit Side Credit Side Credit Side Credit Side Credit Side Credit Side Credit Side Credit Side Credit Side Decrease Debit Side Debit Side Debit Side Debit Side Debit Side Debit Side Debit Side Debit Side Debit Side Debit Side Debit Side Page 1

    Accounting Classification Stockholders Equity


    The corporation from the investors receives these items, or it is income retained in the corporation. Account Title Preferred Stock In excess of par valuepreferred stock Common Stock In excess of par value common stock Dividends Retained Earnings Treasury Stock Statement Balance Sheet Balance Sheet Balance Sheet Balance Sheet Retained Earnings Statement Balance Sheet Balance Sheet Classification Paid-in capital Additional paid-in capital Paid-in capital Additional paid-in capital Equity Equity Equity Increase Credit Side Credit Side Credit Side Credit Side Debit Side Credit Side Debit Side Decrease Debit Side Debit Side Debit Side Debit Side Credit Side Debit Side Credit Side

    REVENUES
    These accounts represent the income earned by the corporation from the customers. Account Title Sales revenue Service revenue Rent revenue Interest revenue Statement Income statement Income statement Income statement Income statement Classification Revenue Revenue Revenue Revenue Increase Credit Side Credit Side Credit Side Credit Side Decrease Debit Side Debit Side Debit Side Debit Side

    EXPENSES
    This is the cost incurred by the corporation in the process of doing business. Account Title Cost of goods sold Administration expenses Selling expenses Salaries and wages expense Rent Expense Insurance expense Interest expense Travel expense Depreciation expense Statement Income statement Income statement Income statement Income statement Income statement Income statement Income statement Income statement Income statement Classification Expense Expense Expense Expense Expense Expense Expense Expense Expense Increase Debit Side Debit Side Debit Side Debit Side Debit Side Debit Side Debit Side Debit Side Debit Side Decrease Credit Side Credit Side Credit Side Credit Side Credit Side Credit Side Credit Side Credit Side Credit Side

    MJC Revised 10/2011

    Page 2

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