[GNC] Asset vs Equity accounts?

[Michael or Penny Novack]

> That's how I learned it at Ernst & Ernst when I worked there. (I
> attended the firm's basic accounting course for non-accountants.) I
> believe our textbook called the special account Income Summary rather
> than Profit and loss, but that's a minor detail.

A very minor detail, especially because what this report traditionally 
depends on the type of entity for which the books are kept. That is 
perhaps WHY your basic "accounting for non-accountants" used a more 
generic name. It was only "for profit" businesses that called this 
report "Profit and Loss". These days a non-profit might call it 
"Statement of Revenues and Expenses" (or "Revenue Statement". For 
personal books (non-business) something like "Income and Expenses". Not 
that the original name in gnucash was :Income Statement" which is quite 
close to the name used in your course.

Michael D Novack

PS -- there are other reports in gnucash where the name chosen can be a 
source of confusion.