Lesson One: Understanding the Five Basic Account Types (Elements)
In the majority of introductory accounting courses, you will learn of five (sometimes six) basic account types, also known as elements:
- Assets
- Liabilities
- Capital/Equity
- Income/Revenue
- Expenses
- (Sometimes Drawing)
Follow the lesson below to see what each of these account types represent and how we can categorize frequently-used accounts into these five main categories.
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