Abbreviations And Acronyms Commonly Used In Business And Accounting Page 2

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Classification of Accounts
Account
Account
Normal
Financial
Title
Classification
Balance
Statement
Accounts Payable
Current liability
Credit
Balance sheet
Accounts Receivable
Current asset
Debit
Balance sheet
Accumulated Depletion
Contra fixed asset
Credit
Balance sheet
Accumulated Depreciation
Contra fixed asset
Credit
Balance sheet
Advertising Expense
Operating expense
Debit
Income statement
Allowance for Doubtful Accounts
Contra current asset
Credit
Balance sheet
Amortization Expense
Operating expense
Debit
Income statement
Bonds Payable
ZLong-term liability
Credit
Balance sheet
Building
Fixed asset
Debit
Balance sheet
Capital Stock
Stockholders’ equity
Credit
Balance sheet
Cash
Current asset
Debit
Balance sheet
Cash Dividends
Stockholders’ equity
Debit
Retained earnings statement
Cash Dividends Payable
Current liability
Credit
Balance sheet
Common Stock
Stockholders’ equity
Credit
Balance sheet
Cost of Merchandise (Goods)
Cost of merchandise
Debit
Income statement
Sold
(goods sold)
Deferred Income Tax Payable
Current liability/Long-
Credit
Balance sheet
term liability
Delivery Expense
Operating expense
Debit
Income Statement
Depletion Expense
Operating expense
Debit
Income statement
Discount on Bonds Payable
Long-term liability
Debit
Balance sheet
Dividend Revenue
Other income
Credit
Income statement
Dividends
Stockholders’ equity
Debit
Retained earnings statement
Employees Federal Income Tax
Current liability
Credit
Balance sheet
Payable
Equipment
Fixed asset
Debit
Balance sheet
Exchange Gain
Other income
Credit
Income statement
Exchange Loss
Other expense
Debit
Income statement
Factory Overhead (Overapplied)
Deferred credit
Credit
Balance sheet (interim)
Factory Overhead (Underapplied)
Deferred debit
Debit
Balance sheet (interim)
Federal Income Tax Payable
Current liability
Credit
Balance sheet
Federal Unemployment Tax
Current liability
Credit
Balance sheet
Payable
Finished Goods
Current asset
Debit
Balance sheet
Freight In
Cost of merchandise
Debit
Income statement
sold
Freight Out
Operating expense
Debit
Income statement
Gain on Disposal of Fixed Assets
Other income
Credit
Income statement
Gain on Redemption of Bonds
Other income
Credit
Income statement
Gain on Sale of Investments
Other income
Credit
Income statement
Goodwill
Intangible asset
Debit
Balance sheet
Income Tax Expense
Income tax
Debit
Income statement
Income Tax Payable
Current liability
Credit
Balance sheet
Insurance Expense
Operating expense
Debit
Income statement
Interest Expense
Other expense
Debit
Income statement
Interest Receivable
Current asset
Debit
Balance sheet
Interest Revenue
Other income
Credit
Income statement
Investment in Bonds
Investment
Debit
Balance sheet
Investment in Stocks
Investment
Debit
Balance sheet
Investment in Subsidiary
Investment
Debit
Balance sheet
Land
Fixed asset
Debit
Balance sheet
Loss on Disposal of Fixed Assets
Other expense
Debit
Income statement
Loss on Redemption of Bonds
Other expense
Debit
Income statement

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