40:
849:
Similarly expenses during the financial period are recorded using the respective
Expense accounts, which are also transferred to the revenue statement account. The net positive or negative balance (profit or loss) of the revenue statement account is transferred to reserves or capital account as the
993:
The classification of equity as a distinctive element for classification of accounts is disputable on account of the "entity concept", since for the objective analysis of the financial results of any entity the external liabilities of the entity should not be distinguished from any contribution by
845:
Example: A sales account is opened for recording the sales of goods or services and at the end of the financial period the total sales are transferred to the revenue statement account (Profit and Loss
Account or Income and Expenditure Account).
894:
with implications extending beyond the financial period and by the traditional view could represent unamortised expense. Alternatively, a liability could be valued at the present value of future outflows.
887:
with implications extending beyond the financial period and by the traditional view could represent unclaimed income. Alternatively, an asset could be valued at the present value of its future inflows.
858:
The classification of accounts into real, personal and nominal is based on their nature i.e. physical asset, liability, juristic entity or financial transaction.
304:
1076:
289:
294:
603:
454:
158:
55:
309:
299:
65:
361:
1040:
489:
366:
975:
629:
314:
257:
1071:
1013:
398:
351:
1035:
John Downes, Jordon Elliot
Goodman, Lucas Pacioli Dictionary of Finance and Investment Terms 1995 Barron Fourth Edition
861:
The further classification of accounts is based on the periodicity of their inflows or outflows in the context of the
781:
596:
403:
706:
provides a listing of all financial accounts used by particular business, organization, or government agency.
979:
237:
113:
529:
464:
39:
799:
188:
803:
762:
514:
252:
118:
60:
564:
103:
692:
668:
665:
589:
554:
549:
524:
519:
459:
388:
346:
328:
281:
262:
193:
98:
23:
649:
393:
228:
183:
757:
Tangibles – Plant and
Machinery, Furniture and Fixtures, Computers and Information processors,
1036:
1008:
703:
574:
569:
148:
123:
641:
356:
242:
444:
408:
198:
178:
163:
108:
93:
50:
822:
accounts for recognition of the implications of the financial transactions during each
657:
449:
417:
128:
1065:
837:
559:
422:
341:
336:
173:
1055:
Framework for the
Preparation and Presentation of Financial Statements, Paragraph 47
785:
758:
684:
494:
233:
1003:
862:
823:
791:
714:
617:
380:
833:
710:
484:
168:
31:
754:
in the world and certain intangible things not having any physical existence
709:
The system of recording, verifying, and reporting such information is called
795:
770:
751:
672:
963:
Items in accounts are classified into five broad groups, also known as the
637:
730:
An account may be classified as real, personal or as a nominal account.
987:
983:
819:
696:
680:
267:
247:
153:
815:
766:
645:
633:
625:
413:
88:
648:
pages, to which changes in value are chronologically recorded with
971:
829:
688:
676:
661:
652:
entries. These entries, referred to as postings, become part of a
436:
218:
83:
1052:
223:
806:
including governments at country, state or local levels
16:
Central data structure in the practice of accounting
597:
8:
660:. Examples of common financial accounts are
305:International Financial Reporting Standards
826:until finalization of accounts at the end
604:
590:
18:
713:. Practitioners of accounting are called
897:
732:
1025:
30:
295:Generally-accepted auditing standards
7:
1031:
1029:
310:International Standards on Auditing
14:
367:Notes to the financial statements
315:Management Accounting Principles
38:
1077:Accounting journals and ledgers
1014:Double-entry bookkeeping system
644:, as represented by individual
1:
290:Generally-accepted principles
854:Based on periodicity of flow
1093:
721:Classification of accounts
159:Constant purchasing power
56:Constant purchasing power
490:Accounting organizations
478:People and organizations
880:during the fiscal year.
873:during the fiscal year.
800:Nonprofit organizations
238:Amortization (business)
1072:Accounting terminology
362:Management discussion
913:Short term outflows
329:Financial statements
282:Accounting standards
910:Short term inflows
907:Long term outflows
838:Electricity charges
761:etc. Intangibles –
654:book of final entry
555:Earnings management
525:Positive accounting
399:Double-entry system
389:Bank reconciliation
194:Revenue recognition
994:the shareholders.
904:Long term inflows
878:short term outflow
530:Sarbanes–Oxley Act
465:Sarbanes–Oxley Act
394:Debits and credits
229:Cost of goods sold
184:Matching principle
1009:Chart of accounts
967:of the accounts:
961:
960:
901:Type of accounts
892:long term outflow
871:short term inflow
843:
842:
704:chart of accounts
614:
613:
575:Two sets of books
570:Off-balance-sheet
212:Selected accounts
149:Accounting period
1084:
1056:
1050:
1044:
1033:
898:
885:long term inflow
804:statutory bodies
733:
650:debit and credit
606:
599:
592:
42:
19:
1092:
1091:
1087:
1086:
1085:
1083:
1082:
1081:
1062:
1061:
1060:
1059:
1051:
1047:
1034:
1027:
1022:
1000:
890:Liability is a
856:
802:, any local or
728:
726:Based on nature
723:
610:
581:
580:
579:
544:
536:
535:
534:
509:
501:
500:
499:
479:
471:
470:
469:
439:
429:
428:
427:
383:
373:
372:
371:
331:
321:
320:
319:
284:
274:
273:
272:
213:
205:
204:
203:
199:Unit of account
179:Historical cost
164:Economic entity
143:
135:
134:
133:
78:
70:
51:Historical cost
17:
12:
11:
5:
1090:
1088:
1080:
1079:
1074:
1064:
1063:
1058:
1057:
1045:
1024:
1023:
1021:
1018:
1017:
1016:
1011:
1006:
999:
996:
991:
990:
959:
958:
955:
952:
950:
948:
944:
943:
941:
939:
936:
933:
929:
928:
926:
924:
922:
919:
915:
914:
911:
908:
905:
902:
896:
895:
888:
883:An asset is a
881:
874:
855:
852:
841:
840:
827:
812:
808:
807:
788:
782:Legal entities
778:
774:
773:
755:
748:
744:
743:
740:
737:
727:
724:
722:
719:
612:
611:
609:
608:
601:
594:
586:
583:
582:
578:
577:
572:
567:
562:
557:
552:
546:
545:
542:
541:
538:
537:
533:
532:
527:
522:
517:
511:
510:
507:
506:
503:
502:
498:
497:
492:
487:
481:
480:
477:
476:
473:
472:
468:
467:
462:
457:
452:
447:
441:
440:
435:
434:
431:
430:
426:
425:
420:
418:General ledger
411:
406:
401:
396:
391:
385:
384:
379:
378:
375:
374:
370:
369:
364:
359:
354:
349:
344:
339:
333:
332:
327:
326:
323:
322:
318:
317:
312:
307:
302:
297:
292:
286:
285:
280:
279:
276:
275:
271:
270:
265:
260:
255:
250:
245:
240:
231:
226:
221:
215:
214:
211:
210:
207:
206:
202:
201:
196:
191:
186:
181:
176:
171:
166:
161:
156:
151:
145:
144:
141:
140:
137:
136:
132:
131:
126:
121:
116:
111:
106:
101:
96:
91:
86:
80:
79:
76:
75:
72:
71:
69:
68:
63:
58:
53:
47:
44:
43:
35:
34:
28:
27:
15:
13:
10:
9:
6:
4:
3:
2:
1089:
1078:
1075:
1073:
1070:
1069:
1067:
1054:
1049:
1046:
1042:
1041:0-8120-9035-7
1038:
1032:
1030:
1026:
1019:
1015:
1012:
1010:
1007:
1005:
1002:
1001:
997:
995:
989:
985:
981:
977:
973:
970:
969:
968:
966:
956:
953:
951:
949:
946:
945:
942:
940:
937:
934:
931:
930:
927:
925:
923:
920:
917:
916:
912:
909:
906:
903:
900:
899:
893:
889:
886:
882:
879:
875:
872:
868:
867:
866:
864:
859:
853:
851:
850:case may be.
847:
839:
835:
831:
828:
825:
821:
817:
813:
810:
809:
805:
801:
797:
793:
790:Individuals,
789:
787:
786:Bank accounts
783:
780:Business and
779:
776:
775:
772:
768:
764:
760:
759:Cash accounts
756:
753:
749:
746:
745:
741:
738:
735:
734:
731:
725:
720:
718:
716:
712:
707:
705:
700:
698:
694:
690:
686:
682:
678:
674:
670:
667:
663:
659:
655:
651:
647:
643:
639:
635:
631:
627:
623:
619:
607:
602:
600:
595:
593:
588:
587:
585:
584:
576:
573:
571:
568:
566:
563:
561:
560:Error account
558:
556:
553:
551:
548:
547:
540:
539:
531:
528:
526:
523:
521:
518:
516:
513:
512:
505:
504:
496:
493:
491:
488:
486:
483:
482:
475:
474:
466:
463:
461:
458:
456:
453:
451:
448:
446:
443:
442:
438:
433:
432:
424:
423:Trial balance
421:
419:
415:
412:
410:
407:
405:
404:FIFO and LIFO
402:
400:
397:
395:
392:
390:
387:
386:
382:
377:
376:
368:
365:
363:
360:
358:
355:
353:
350:
348:
345:
343:
342:Balance sheet
340:
338:
337:Annual report
335:
334:
330:
325:
324:
316:
313:
311:
308:
306:
303:
301:
298:
296:
293:
291:
288:
287:
283:
278:
277:
269:
266:
264:
261:
259:
256:
254:
251:
249:
246:
244:
241:
239:
235:
232:
230:
227:
225:
222:
220:
217:
216:
209:
208:
200:
197:
195:
192:
190:
187:
185:
182:
180:
177:
175:
174:Going concern
172:
170:
167:
165:
162:
160:
157:
155:
152:
150:
147:
146:
139:
138:
130:
127:
125:
122:
120:
117:
115:
112:
110:
107:
105:
102:
100:
97:
95:
92:
90:
87:
85:
82:
81:
74:
73:
67:
64:
62:
59:
57:
54:
52:
49:
48:
46:
45:
41:
37:
36:
33:
29:
25:
21:
20:
1048:
992:
964:
962:
891:
884:
877:
870:
869:Income is a
860:
857:
848:
844:
729:
708:
701:
695:, wages and
685:common stock
653:
621:
615:
495:Luca Pacioli
416: /
236: /
234:Depreciation
142:Key concepts
114:Governmental
1004:Bookkeeping
876:Expense is
863:fiscal year
824:fiscal year
792:Partnership
750:Physically
715:accountants
630:liabilities
618:bookkeeping
508:Development
485:Accountants
381:Bookkeeping
300:Convergence
258:Liabilities
189:Materiality
77:Major types
1066:Categories
1020:References
938:Liability
814:Temporary
798:entities,
771:Copyrights
739:Represent
711:accounting
669:receivable
624:refers to
543:Misconduct
169:Fair value
119:Management
61:Management
32:Accounting
976:Liability
957:Expenses
932:Personal
834:Purchases
796:Corporate
777:Personal
752:tangibile
742:Examples
673:mortgages
565:Hollywood
445:Financial
347:Cash-flow
104:Financial
998:See also
965:elements
954:Incomes
947:Nominal
811:Nominal
763:Goodwill
693:services
681:PP&E
666:accounts
638:expenses
550:Creative
520:Research
450:Internal
437:Auditing
253:Goodwill
248:Expenses
99:Forensic
24:a series
22:Part of
988:Expense
984:Revenue
935:Assets
921:Assets
820:Expense
794:firms,
767:Patents
697:payroll
622:account
515:History
409:Journal
268:Revenue
154:Accrual
1043:page 3
1039:
980:Equity
816:Income
658:ledger
646:ledger
642:equity
640:, and
634:income
626:assets
460:Report
414:Ledger
357:Income
352:Equity
263:Profit
243:Equity
219:Assets
124:Social
89:Budget
972:Asset
918:Real
830:Sales
747:Real
736:Type
689:sales
677:loans
662:sales
620:, an
455:Firms
84:Audit
1053:IASB
1037:ISBN
818:and
769:and
224:Cash
109:Fund
94:Cost
656:or
616:In
129:Tax
66:Tax
1068::
1028:^
986:,
982:,
978:,
974:,
865::
836:,
832:,
784:,
765:,
717:.
702:A
699:.
691:,
687:,
683:,
679:,
675:,
671:,
664:,
636:,
632:,
628:,
26:on
605:e
598:t
591:v
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
