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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.
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Dec 23, 2024 Last updated |
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