51:
860:
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
1004:
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
856:
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).
905:
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.
898:
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.
869:
The classification of accounts into real, personal and nominal is based on their nature i.e. physical asset, liability, juristic entity or financial transaction.
315:
1087:
300:
305:
17:
614:
465:
169:
66:
320:
310:
76:
1046:
John Downes, Jordon Elliot
Goodman, Lucas Pacioli Dictionary of Finance and Investment Terms 1995 Barron Fourth Edition
372:
872:
The further classification of accounts is based on the periodicity of their inflows or outflows in the context of the
1051:
500:
377:
986:
640:
325:
268:
1082:
1024:
409:
362:
717:
provides a listing of all financial accounts used by particular business, organization, or government agency.
792:
607:
414:
50:
990:
248:
124:
810:
768:
Tangibles – Plant and
Machinery, Furniture and Fixtures, Computers and Information processors,
540:
475:
199:
814:
773:
525:
263:
129:
71:
575:
114:
8:
703:
679:
676:
600:
565:
560:
535:
530:
470:
399:
357:
339:
292:
273:
204:
109:
34:
833:
accounts for recognition of the implications of the financial transactions during each
660:
404:
239:
194:
1047:
1019:
714:
585:
580:
159:
134:
1066:
Framework for the
Preparation and Presentation of Financial Statements, Paragraph 47
652:
367:
253:
455:
419:
209:
189:
174:
119:
104:
61:
668:
460:
428:
139:
1076:
848:
765:
in the world and certain intangible things not having any physical existence
720:
The system of recording, verifying, and reporting such information is called
570:
433:
352:
347:
184:
974:
Items in accounts are classified into five broad groups, also known as the
796:
769:
695:
505:
244:
1014:
873:
834:
802:
725:
628:
391:
741:
An account may be classified as real, personal or as a nominal account.
844:
721:
495:
179:
42:
806:
781:
762:
683:
659:
pages, to which changes in value are chronologically recorded with
648:
663:
entries. These entries, referred to as postings, become part of a
998:
994:
830:
707:
691:
278:
258:
164:
826:
777:
656:
644:
636:
424:
99:
982:
840:
699:
687:
672:
447:
229:
94:
1063:
234:
817:
including governments at country, state or local levels
27:
Central data structure in the practice of accounting
1074:
864:
731:
608:
671:. Examples of common financial accounts are
316:International Financial Reporting Standards
837:until finalization of accounts at the end
615:
601:
724:. Practitioners of accounting are called
14:
1075:
306:Generally-accepted auditing standards
1042:
1040:
321:International Standards on Auditing
24:
736:
25:
1099:
1037:
378:Notes to the financial statements
326:Management Accounting Principles
49:
1088:Accounting journals and ledgers
1025:Double-entry bookkeeping system
655:, as represented by individual
1057:
13:
1:
1030:
301:Generally-accepted principles
865:Based on periodicity of flow
7:
1008:
10:
1104:
732:Classification of accounts
170:Constant purchasing power
67:Constant purchasing power
501:Accounting organizations
489:People and organizations
891:during the fiscal year.
884:during the fiscal year.
811:Nonprofit organizations
249:Amortization (business)
1083:Accounting terminology
373:Management discussion
18:Account (accountancy)
924:Short term outflows
340:Financial statements
293:Accounting standards
921:Short term inflows
918:Long term outflows
849:Electricity charges
772:etc. Intangibles –
665:book of final entry
566:Earnings management
536:Positive accounting
410:Double-entry system
400:Bank reconciliation
205:Revenue recognition
1005:the shareholders.
915:Long term inflows
889:short term outflow
541:Sarbanes–Oxley Act
476:Sarbanes–Oxley Act
405:Debits and credits
240:Cost of goods sold
195:Matching principle
1020:Chart of accounts
978:of the accounts:
972:
971:
912:Type of accounts
903:long term outflow
882:short term inflow
854:
853:
715:chart of accounts
625:
624:
586:Two sets of books
581:Off-balance-sheet
223:Selected accounts
160:Accounting period
16:(Redirected from
1095:
1067:
1061:
1055:
1044:
909:
908:
896:long term inflow
815:statutory bodies
744:
743:
661:debit and credit
617:
610:
603:
53:
30:
29:
21:
1103:
1102:
1098:
1097:
1096:
1094:
1093:
1092:
1073:
1072:
1071:
1070:
1062:
1058:
1045:
1038:
1033:
1011:
901:Liability is a
867:
813:, any local or
739:
737:Based on nature
734:
621:
592:
591:
590:
555:
547:
546:
545:
520:
512:
511:
510:
490:
482:
481:
480:
450:
440:
439:
438:
394:
384:
383:
382:
342:
332:
331:
330:
295:
285:
284:
283:
224:
216:
215:
214:
210:Unit of account
190:Historical cost
175:Economic entity
154:
146:
145:
144:
89:
81:
62:Historical cost
28:
23:
22:
15:
12:
11:
5:
1101:
1091:
1090:
1085:
1069:
1068:
1056:
1035:
1034:
1032:
1029:
1028:
1027:
1022:
1017:
1010:
1007:
1002:
1001:
970:
969:
966:
963:
961:
959:
955:
954:
952:
950:
947:
944:
940:
939:
937:
935:
933:
930:
926:
925:
922:
919:
916:
913:
907:
906:
899:
894:An asset is a
892:
885:
866:
863:
852:
851:
838:
823:
819:
818:
799:
793:Legal entities
789:
785:
784:
766:
759:
755:
754:
751:
748:
738:
735:
733:
730:
623:
622:
620:
619:
612:
605:
597:
594:
593:
589:
588:
583:
578:
573:
568:
563:
557:
556:
553:
552:
549:
548:
544:
543:
538:
533:
528:
522:
521:
518:
517:
514:
513:
509:
508:
503:
498:
492:
491:
488:
487:
484:
483:
479:
478:
473:
468:
463:
458:
452:
451:
446:
445:
442:
441:
437:
436:
431:
429:General ledger
422:
417:
412:
407:
402:
396:
395:
390:
389:
386:
385:
381:
380:
375:
370:
365:
360:
355:
350:
344:
343:
338:
337:
334:
333:
329:
328:
323:
318:
313:
308:
303:
297:
296:
291:
290:
287:
286:
282:
281:
276:
271:
266:
261:
256:
251:
242:
237:
232:
226:
225:
222:
221:
218:
217:
213:
212:
207:
202:
197:
192:
187:
182:
177:
172:
167:
162:
156:
155:
152:
151:
148:
147:
143:
142:
137:
132:
127:
122:
117:
112:
107:
102:
97:
91:
90:
87:
86:
83:
82:
80:
79:
74:
69:
64:
58:
55:
54:
46:
45:
39:
38:
26:
9:
6:
4:
3:
2:
1100:
1089:
1086:
1084:
1081:
1080:
1078:
1065:
1060:
1053:
1052:0-8120-9035-7
1049:
1043:
1041:
1036:
1026:
1023:
1021:
1018:
1016:
1013:
1012:
1006:
1000:
996:
992:
988:
984:
981:
980:
979:
977:
967:
964:
962:
960:
957:
956:
953:
951:
948:
945:
942:
941:
938:
936:
934:
931:
928:
927:
923:
920:
917:
914:
911:
910:
904:
900:
897:
893:
890:
886:
883:
879:
878:
877:
875:
870:
862:
861:case may be.
858:
850:
846:
842:
839:
836:
832:
828:
824:
821:
820:
816:
812:
808:
804:
801:Individuals,
800:
798:
797:Bank accounts
794:
791:Business and
790:
787:
786:
783:
779:
775:
771:
770:Cash accounts
767:
764:
760:
757:
756:
752:
749:
746:
745:
742:
729:
727:
723:
718:
716:
711:
709:
705:
701:
697:
693:
689:
685:
681:
678:
674:
670:
666:
662:
658:
654:
650:
646:
642:
638:
634:
630:
618:
613:
611:
606:
604:
599:
598:
596:
595:
587:
584:
582:
579:
577:
574:
572:
571:Error account
569:
567:
564:
562:
559:
558:
551:
550:
542:
539:
537:
534:
532:
529:
527:
524:
523:
516:
515:
507:
504:
502:
499:
497:
494:
493:
486:
485:
477:
474:
472:
469:
467:
464:
462:
459:
457:
454:
453:
449:
444:
443:
435:
434:Trial balance
432:
430:
426:
423:
421:
418:
416:
415:FIFO and LIFO
413:
411:
408:
406:
403:
401:
398:
397:
393:
388:
387:
379:
376:
374:
371:
369:
366:
364:
361:
359:
356:
354:
353:Balance sheet
351:
349:
348:Annual report
346:
345:
341:
336:
335:
327:
324:
322:
319:
317:
314:
312:
309:
307:
304:
302:
299:
298:
294:
289:
288:
280:
277:
275:
272:
270:
267:
265:
262:
260:
257:
255:
252:
250:
246:
243:
241:
238:
236:
233:
231:
228:
227:
220:
219:
211:
208:
206:
203:
201:
198:
196:
193:
191:
188:
186:
185:Going concern
183:
181:
178:
176:
173:
171:
168:
166:
163:
161:
158:
157:
150:
149:
141:
138:
136:
133:
131:
128:
126:
123:
121:
118:
116:
113:
111:
108:
106:
103:
101:
98:
96:
93:
92:
85:
84:
78:
75:
73:
70:
68:
65:
63:
60:
59:
57:
56:
52:
48:
47:
44:
41:
40:
36:
32:
31:
19:
1059:
1003:
975:
973:
902:
895:
888:
881:
880:Income is a
871:
868:
859:
855:
740:
719:
712:
706:, wages and
696:common stock
664:
632:
626:
506:Luca Pacioli
427: /
247: /
245:Depreciation
153:Key concepts
125:Governmental
1015:Bookkeeping
887:Expense is
874:fiscal year
835:fiscal year
803:Partnership
761:Physically
726:accountants
641:liabilities
629:bookkeeping
519:Development
496:Accountants
392:Bookkeeping
311:Convergence
269:Liabilities
200:Materiality
88:Major types
1077:Categories
1031:References
949:Liability
825:Temporary
809:entities,
782:Copyrights
750:Represent
722:accounting
680:receivable
635:refers to
554:Misconduct
180:Fair value
130:Management
72:Management
43:Accounting
987:Liability
968:Expenses
943:Personal
845:Purchases
807:Corporate
788:Personal
763:tangibile
753:Examples
684:mortgages
576:Hollywood
456:Financial
358:Cash-flow
115:Financial
1009:See also
976:elements
965:Incomes
958:Nominal
822:Nominal
774:Goodwill
704:services
692:PP&E
677:accounts
649:expenses
561:Creative
531:Research
461:Internal
448:Auditing
264:Goodwill
259:Expenses
110:Forensic
35:a series
33:Part of
999:Expense
995:Revenue
946:Assets
932:Assets
831:Expense
805:firms,
778:Patents
708:payroll
633:account
526:History
420:Journal
279:Revenue
165:Accrual
1054:page 3
1050:
991:Equity
827:Income
669:ledger
657:ledger
653:equity
651:, and
645:income
637:assets
471:Report
425:Ledger
368:Income
363:Equity
274:Profit
254:Equity
230:Assets
135:Social
100:Budget
983:Asset
929:Real
841:Sales
758:Real
747:Type
700:sales
688:loans
673:sales
631:, an
466:Firms
95:Audit
1064:IASB
1048:ISBN
829:and
780:and
235:Cash
120:Fund
105:Cost
667:or
627:In
140:Tax
77:Tax
1079::
1039:^
997:,
993:,
989:,
985:,
876::
847:,
843:,
795:,
776:,
728:.
713:A
710:.
702:,
698:,
694:,
690:,
686:,
682:,
675:,
647:,
643:,
639:,
37:on
616:e
609:t
602:v
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
