Question

Answer the following questions in brief

a) List and explain the classification of various Accounts ?​

Answer 1

Answer:

According to modern approach, the accounts are classified as asset accounts, liability accounts, capital or owner's equity accounts, withdrawal accounts, revenue/income accounts and expense accounts.

any 5 accounts classification

The chart of accounts organizes your finances into five major categories, called accounts: assets, liabilities, equity, revenue and expenses

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