Question

explain modern classification of accounts​

Answer 1

Explanation:

Under the Modern Approach, the accounts are not debited and credited. Hence, the Accounting Equation is used to debit or credit an account. Thus, it is also known as the Accounting Equation Approach. The Basic Accounting Equation is: Assets = Liabilities + Capital (Owner's Equity)

Answer 2

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.

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