What are the typical revenue accounts?

What are the typical revenue accounts?

Examples of revenue accounts include: Sales, Service Revenues, Fees Earned, Interest Revenue, Interest Income. Revenue accounts are credited when services are performed/billed and therefore will usually have credit balances. Interest earned by a bank is considered to be part of operating revenues.

What are the 5 major accounts?

There are five major account types: assets, liabilities, equity, revenue, and expenses.

How many accounts are in accounting?

3 Different types of accounts in accounting are Real, Personal and Nominal Account.

What are the 3 golden rules of accounting?

3 Golden Rules of Accounting, Explained with Best Examples

• Debit the receiver, credit the giver.
• Debit what comes in, credit what goes out.
• Debit all expenses and losses and credit all incomes and gains.

What are the categories in the standard chart of accounts?

The standard chart of accounts list of categories may include the following: Assets. Liabilities. Owners’ equity or Shareholder’s Equity. Revenues. Cost of goods sold. Operating expenses.

What are the accounts of a small company?

Sample Chart of Accounts for a Small Company 1 Asset Accounts. 2 Liability Accounts. 3 Owner’s Equity Accounts. 4 Operating Revenue Accounts. 5 Operating Expense Accounts. 6 Non-Operating Revenues and Expenses, Gains, and Losses. Accounting software frequently includes sample charts of… More

What do the numbers mean on an account?

Note that each account is assigned a three-digit number followed by the account name. The first digit of the number signifies if it is an asset, liability, etc.

How are accounts listed on a balance sheet?

Balance sheet accounts tend to follow a standard that lists the most liquid assets first. Revenue and expense accounts tend to follow the standard of first listing the items most closely related to the operations of the business. For example, sales would be listed before non-operating income.