Define accounting term and how are account classified

1.	Define accounting term and how are account classified
Answer» 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»

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......✌

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Define accounting term and how are account classified​

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Define accounting term and how are account classified