CLASSIFICATION Definition

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CLASSIFICATION, generally, is the act of distributing things into classes or categories of the same type. In accounting, there are many ways to classify information, e.g. assets, liabilities or equity and the many subsets to those three classifications.

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SEVERANCE TAX is levied on production of natural resources taken from land or water bottoms within the territorial boundaries of a state.

STATUTORY ACCOUNT is an involuntary account, which is created by law rather than by business need. An example of a statutory account would be taxes.

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