This website uses cookies to ensure you get the best experience on our website. Privacy Policy OK

Classification of Accounts (Accounting)

| See more in Finance

Can you identify the type of account?

Created Date 09.25.20
Last Updated 09.28.20
Viewed 4 Times
Your browser doesn't support HTML5. System.Collections.Generic.List`1[System.String] System.Collections.Generic.List`1[System.String]
submit to reddit

Would you like to build your own game?

It's easy!

Go to the GameBuilder and get started!

Topics of this game:
  • Statement of financial position or so called permanent accounts. These accounts are not closed and carryover to the next accounting period.
  • Income statement or temporary capital accounts. These accounts are closed at the end of the accounting period.
  • A combination of real and nominal accounts. (ex. Prepaid expenses)
  • Holds temporarily certain information pending transfer to other ledger accounts.
  • The general ledger account that summarizes the detailed information in a subsidiary ledger.
  • It is an account that holds temporarily certain information pending for disposition.
  • Has a counterpart in another book with in the entity or in another ledger or another entity.
  • An account that is independent or can stand alone.
  • An account that cannot stand alone and are technically neither assets, liabilities nor income and expenses.