Quick Finance Tip - Must Know Account Classifications

The following are must know account classifications that every professional should keep in mind: 

• Cash - Current Asset
• Prepaid Rent - Current Asset
• Allowance for Uncollectible Accounts - Contra Asset
• Deferred Revenue (next 12 months) - Current Liability
• Equipment - Property, Plant, and Equipment (PP&E)
• Inventory - Current Asset
• Accounts Payable - Current Liabilities 
• Patents and Copyrights - Intangible Assets
• Land Being Used - PP&E
• Building Being Used - PP&E
• Accrued Liabilities - Current Liabilities
• Common Stock - Paid-in-Capital
• Long Term Investments - Investments and Funds
• Income less Dividends - Retained Earnings