Accounts - what are they?

k.michalska24
Flashcards by k.michalska24, updated more than 1 year ago
k.michalska24
Created by k.michalska24 about 5 years ago
14
0

Description

Everything about the accounts - types, examples, explanations etc.

Resource summary

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
Show full summary Hide full summary

Similar

Accounting I - Objective 2 Keller
Kathleen Keller
CPA Exam Topics and breakdown
joemontin
CPA Exam Flashcards
joemontin
CPA Exam Sample Questions Pt. 1
nedtuohy
Accounting Definitions
Tess Morris
Exam Bank 2
Valek
Specific Order Costing
Natalie Gray
COSTING SYSTMES
Francia o
Basic CostingChapter 1,2,3
tomfaulkner
Glossary of Accounting Terms
racheloucks
Unit 4 The Accounting Cycle
a.j.hemphill