Question

define accounting term and how are account classified​

Answer 1

Answer:

Classification and Types of Accounts

We record business transactions in accounts. Thus, an account is an individual and a formal record of a person, firm, company, asset, liability, goods, incomes and expenses. We need to prepare one account for each type of asset, liability, income or expense.

I hope my answer helps you......✌

Answer 2

Answer:

system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results also

asset accounts, liability accounts, capital or owner's equity accounts, withdrawal accounts, revenue/income accounts and expense accounts.

Explanation:

1 : the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results also : the principles and procedures of this system studied accounting as a freshman.

Modern approach. 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.