Discuss the classification of Goods Account.
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Items in accounts are classified into five broad groups, also known as the elements of the accounts: Asset, Liability, Equity, Revenue, Expense.
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Introduction:
The goods and services account illustrates the balance of total products and services delivered as resources to the economy as output and imports.
Explanation:
Since goods account is a physical asset, it is considered as a real account. Items in goods accounts are divided into five basic categories, often known as account elements: asset, liability, equity, revenue, and expense.
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