Created by k.michalska24
about 9 years ago
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Question | Answer |
What is an account? | hhh |
What are the 5 different types of the accounts? | 1. Assets 2. Liabilities 3. Equity 4. Revenue 5. Expense |
What is an asset account? | this is the things owed by the business (like buildings, vehicles, computers, furniture, inventories, bank, cash, account receivables) |
What is a Liability account? | This is everything the business owes to different organisations (like mortgage, car loans, credit card, account payable etc) |
What is an Equity account? | This is the owners investment into the company (basically money put into the business). Assets-liabilities = equity |
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