In Accounting terms, is an Income acount part of your Assets or Equity?
Neither.
Income and Expense are two main types of account category that show up on an Income and Expense (or Profit & Loss, P&L) statement.
Asset and Liabilities show up on a balance sheet.
Equity is a type of asset.
Debt is a type of liability.
For more, read my book, Budgeting for Managers.
Sid, the vast knowledge never ceases to amaze me. You are absolutely correct . We could discuss the need to showing depreciation on the expense sheet for a non-profit organization and I still have an issue with retained earnings vs. non-cash assets.
Thanks, Larry. I think my knowledge comes from being a little brother - I always think I don't know anything! I really appreciate your humility and clarity.
No in accounting income it just that. It is income. It is separated from assets and equity. Depending on which country you are accounting in income, assets, and equity or capital gains as equitable assets are often called are all listed individually. But like I said the answer to this question depends largely on which country you are accounting in.
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