Account Classification—Income Statement Accounts

One of the foundational skills in accounting is being able to classify accounts as assets, liabilities, or owners' equity and to be able to name each account. You need to know what to call the account before you can create journal entries to record company transactions. The practice sets in this section provide you with a description of an account. You will first be asked to determine the type of account. Then, you will be asked for the name of the account. You will select from the following account categories:

• Asset

• Contra Asset

• Liability

• Contra Liability

• Adjunct Liability

• Equity

• Revenue

• Expense

• Contra Equity

Relevant Excel Functions

This assignment will require you to be able to use some or all of the following Excel functions. Click on the hyperlinked section number next to the relevant Excel skill to be directed to a page showing how to perform the assigned task in Excel:

• Drop-Down Lists (1.10)