Question

define various types of account used in accounting of a regular wholesale shop​

Answer 1

Although businesses have many accounts in their books, every account falls under one of the following five categories:

Assets

Expenses

Liabilities

Equity

Revenue (or income)

Familiarize yourself with and learn how debits and credits affect these accounts. Then, you can accurately categorize all the sub-accounts that fall under them.

So, how do debits and credits affect asset, expense, liability, equity, and revenue accounts? Do debits decrease or increase these accounts in your books? How about credits?

Assets and expenses increase when you debit the accounts and decrease when you credit them. Liabilities, equity, and revenue increase when you credit the accounts and decrease when you debit them.

Here’s a quick-reference chart you can use to get started:

accounts and how debits and credits impact them: assets and expenses are increased by debits and decreased by credits; liabilities, equity, and revenue are increased by credits and decreased by debits

hope it helps plz mark brainliest

Answer 2

Answer:

The American Marketing Association has defined the wholesaler as “a business unit which buys and resells the merchandise to the retailers and the merchants or to the industrial, institutional and commercial users but does not sell insignificant amounts to the ultimate consumers.”

“The wholesaler is one who buys goods on a large scale with the objective of selling them at a profit in smaller quantities. He buys from the producers that is the extractor or manufacturer and sells to the retailers, and is, therefore, the connecting link between these two”.