What is acounts and type acounts

Question

Accepted Answer

Accounts refer to financial records that track the flow of money in and out of a business. There are different types of accounts based on their nature and purpose.

Accounts are used to track financial transactions within a business.
Types of accounts include assets, liabilities, equity, income, and expenses.
Assets accounts represent what the business owns, while liabilities accounts represent what the business owes.
Equity accounts show the owner's stake in the business.
Income accounts track revenue generated by the business.
Expenses accounts record the costs incurred by the business.
Examples: Cash account (asset), Accounts payable (liability), Retained earnings (equity), Sales revenue (income), Rent expense (expense).

Accepted Answer

3 Different types of accounts in accounting are Real, Personal and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account. Also, three different sub-types of Personal account are Natural, Representative and Artificial.

What is acounts and type acounts

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