Chart of Accounts - What are the 5 types of accounts?

Q: What are the 5 types of accounts?

Account Type Overview The five account types are: Assets, Liabilities, Equity, Revenue (or Income) and Expenses. To fully understand how to post transactions and read financial reports, we must understand these account types.

Answer

Overview of Account Types Equity, Assets, Liabilities, Revenue (or Income), and Expenses are the five categories of accounts. Gaining a comprehensive understanding of these account types is essential for posting transactions and reading financial data.

Chart of Accounts - What are the 5 types of accounts?

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