Commerce Exam > Commerce Videos > Accounting Test Time Classification of Accounts
Accounting Test Time Classification of Accounts Video Lecture - Commerce
FAQs on Accounting Test Time Classification of Accounts Video Lecture - Commerce
| 1. What is the classification of accounts in accounting? |  |
Ans. The classification of accounts in accounting refers to categorizing the different types of accounts based on their nature and purpose. The common classifications include assets, liabilities, equity, revenue, and expenses.
| 2. How do we classify an account as an asset? | |
Ans. An account is classified as an asset if it represents something of value that the company owns or controls. Assets can be tangible, such as cash, inventory, or equipment, or intangible, such as patents or trademarks.
| 3. What are the main characteristics of a liability account? | |
Ans. A liability account is characterized by representing the company's obligations or debts. These obligations can be in the form of loans, accounts payable, or accrued expenses. Liability accounts typically have a credit balance.
| 4. What is the difference between revenue and expense accounts? | |
Ans. Revenue accounts represent the income generated by a company through its primary business activities, such as sales or services rendered. Expense accounts, on the other hand, represent the costs incurred by the company to generate revenue. Revenue accounts have a credit balance, while expense accounts have a debit balance.
| 5. Can an account be classified in multiple categories? | |
Ans. No, an account can only be classified in one category. Each account is assigned to a specific classification based on its nature and purpose. However, it is important to note that some accounts may have subcategories or sub-accounts within their main classification.
Related Exams
About this Video
|
4.84/5 Rating |
|
Dec 23, 2024 Last updated |
Accounting Test Time Classification of Accounts for Commerce2024 is part of Commerce preparation. The notes and questions for Accounting Test Time Classification of Accounts
have been prepared according to the Commerce exam syllabus. Information about Accounting Test Time Classification of Accounts covers all important topics
for Commerce2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises
and tests below for Accounting Test Time Classification of Accounts.
Introduction of Accounting Test Time Classification of Accounts in English is available as part of our Commerce preparation & Accounting Test Time Classification of Accounts in Hindi
for Commerce courses. Download more important topics, notes, lectures and mock test series for Commerce Exam by
signing up for free.
Description
Video Lecture & Questions for Accounting Test Time Classification of Accounts Video Lecture - Commerce - Commerce full syllabus preparation | Free video for Commerce exam.
Information about Accounting Test Time Classification of Accounts
Here you can find the Accounting Test Time Classification of Accounts defined & explained in the simplest way possible. Besides explaining types of Accounting Test Time Classification of Accounts
theory, EduRev gives you an ample number of questions to practice Accounting Test Time Classification of Accounts tests, examples and also practice Commerce tests.
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
ppt
,mock tests for examination
,Important questions
,Accounting Test Time Classification of Accounts Video Lecture - Commerce
,Accounting Test Time Classification of Accounts Video Lecture - Commerce
,Accounting Test Time Classification of Accounts Video Lecture - Commerce
,Objective type Questions
,Free
,practice quizzes
,MCQs
,Sample Paper
,shortcuts and tricks
,Previous Year Questions with Solutions
,Extra Questions
,Exam
,study material
,past year papers
,Summary
,Viva Questions
,video lectures
,Semester Notes
;
Study Accounting Test Time Classification of Accounts on the App
Students of Commerce can study Accounting Test Time Classification of Accounts alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Accounting Test Time Classification of Accounts,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Accounting Test Time Classification of Accounts is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup