Chart Of Accounts-Account Classification

Question 1

Account Classification

Accounts Payable

Answer 1

Current Liability

Question 2

Account Classification

Accounts Receivable

Answer 2

Current Asset

Question 3

Account Classification

Accumulated Depreciation-Buildings

Answer 3

Plant Asset-Contra

Question 4

Account Classification

Accumulated Depreciation-Equipment

Answer 4

Plant Asset-Contra

Question 5

Account Classification

Administrative Expenses

Answer 5

Operating Expense

Question 6

Account Classification

Allowance for Doubtful Accounts

Answer 6

Current Asset-Contra

Question 7

Account Classification

Amortization Expense

Answer 7

Operating Expense

Question 8

Account Classification

Bad Debts Expense

Answer 8

Operating Expense

Question 9

Account Classification

Bonds Payable

Answer 9

Long-Term Liability

Question 10

Account Classification

Buildings

Answer 10

Plant Assets

Question 11

Account Classification

Cash

Answer 11

Current Asset

Question 12

Account Classification

Common Stock

Answer 12

Stockholder’s Equity

Question 13

Account Classification

Copyright

Answer 13

Intangible Asset

Question 14

Account Classification

Cost of Goods Sold

Answer 14

Cost of Goods Sold

Question 15

Account Classification

Depreciation Expense

Answer 15

Operating Expense

Question 16

Account Classification

Discount on Bonds Payable

Answer 16

Long-Term Liability-Contra

Question 17

Account Classification

Dividends

Answer 17

Temporary account closed to Retained Earnings

Question 18

Account Classification

Dividends Payable

Answer 18

Current Liability

Question 19

Account Classification

Equipment

Answer 19

Plant Asset

Question 20

Account Classification

Freight-out

Answer 20

Operating Expense

Question 21

Account Classification

Gain on Disposal of Plant Assets

Answer 21

Other Income

Question 22

Account Classification

Goodwill

Answer 22

Intangible Asset

Question 23

Account Classification

Income Summary

Answer 23

Temporary account closed to Retained Earnings

Question 24

Account Classification

Income Tax Expense

Answer 24

Income Tax Expense

Question 25

Account Classification

Income Taxes Payable

Answer 25

Current Liability

Question 26

Account Classification

Insurance Expense

Answer 26

Operating Expense

Question 27

Account Classification

Interest Expense

Answer 27

Other Expense

Question 28

Account Classification

Interest Payable

Answer 28

Current Liability

Question 29

Account Classification

Interest Receivable

Answer 29

Current Asset

Question 30

Account Classification

Interest Revenue

Answer 30

Other Income

Question 31

Account Classification

Inventory(Non-Perodic System)

Answer 31

Current Asset

Question 32

Account Classification

Inventory(Perodic System)

Answer 32

Current Asset & COGS

Question 33

Account Classification

Land

Answer 33

Plant Asset

Question 34

Account Classification

Loss on Disposal of Plant Assets

Answer 34

Other Expense

Question 35

Account Classification

Maintenance and Repairs Expense

Answer 35

Operating Expense

Question 36

Account Classification

Mortgage Payable

Answer 36

Long-Term Liability

Question 37

Account Classification

Notes Payable

Answer 37

Current Liability! Long-Term Liability

Question 38

Account Classification

Patent

Answer 38

Intangible Asset

Question 39

Account Classification

Paid-in Capital in Excess of Par Value-Common Stock

Answer 39

Stockholders’ Equity

Question 40

Account Classification

Paid-in Capitalin Excess of Par Value-Preferred Stock

Answer 40

Stockholders’ Equity

Question 41

Account Classification

Preferred Stock

Answer 41

Stockholders’ Equity

Question 42

Account Classification

Premium on Bonds Payable

Answer 42

Long-Term Liability-Contra

Question 43

Account Classification

Prepaid Insurance

Answer 43

Current Asset

Question 44

Account Classification

Prepaid Rent

Answer 44

Current Asset

Question 45

Account Classification

Rent Expense

Answer 45

Operating Expense

Question 46

Account Classification

Retained Earnings

Answer 46

Stockholders’ Equity

Question 47

Account Classification

Salaries and Wages Expense

Answer 47

Operating Expense

Question 48

Account Classification

Salaries and Wages Payable

Answer 48

Current Liability

Question 49

Account Classification

Sales Discounts

Answer 49

Revenue-Contra

Question 50

Account Classification

Sales Returns and Allowances

Answer 50

Revenue-Contra

Question 51

Account Classification

Sales Revenue

Answer 51

Revenue

Question 52

Account Classification

Selling Expenses

Answer 52

Operating Expense

Question 53

Account Classification

Service Revenue

Answer 53

Revenue

Question 54

Account Classification

Short-Term Investments

Answer 54

Current Asset

Question 55

Account Classification

Supplies

Answer 55

Current Asset

Question 56

Account Classification

Supplies Expense

Answer 56

Operating Expense

Question 57

Account Classification

Treasury Stock-Common

Answer 57

Stockholders’ Equity

Question 58

Account Classification

Unearned Service Revenue

Answer 58

Current Liability

Question 59

Account Classification

Utilities Expense

Answer 59

Operating Expense