Question

classify the machinery account....​

Answer 1

Answer:

Under modern/American approach, the accounts are classified into the following five groups:

Asset accounts: Examples are land account, machinery account, accounts receivable account, prepaid rent account, cash account etc.

Liability accounts: ...

Revenue accounts: ...

Expense accounts: ...

Capital/owner's equity accounts:

Answer 2

Answer:

Kundan modern American approach the accounts are classified into five groups.

1 liability accounts

2 revenue accounts

3 expense account

4 capital owner equity account