Hello, I'm looking for a reference card that would classify accounts. Such as: Fixed asset, other current asset, other asset. And: expense, other expense. etc Thanks Brian
Reference: an asset, expense, liability etc
Nov 28, 2005
2 Replies
For income/ expense items, there is no hard and fast rule. It depends on the business. Take interest paid as an example. For a finance company it would be a part of cost of sales (to get a gross profit margin), for others an admin expense.
Like J said theirs no specific way to categories this things the simples way would be to look into the nature of the business that as acquired this assets or liabilities
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