Accounts - what are they?

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Everything about the accounts - types, examples, explanations etc.
k.michalska24
Flashcards by k.michalska24, updated more than 1 year ago
k.michalska24
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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