+
4 Tutorials that teach Account Groups
Take your pick:
Account Groups

Account Groups

Rating:
Rating
(0)
Author: Kevin Bullock
Description:

In this lesson, the student will learn about the five major account groups.

(more)
See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

28 Sophia partners guarantee credit transfer.

264 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 22 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial
Terms to Know
Account

A record that provides information about a given asset, liability, equity, revenue or expense.

Assets

Physical or non-physical resources owned by an organization that have economic value.

Equity

The remaining value once liabilities are subtracted from assets.

Expenses

Costs associated with operating or maintaining a business.

Liabilities

Debts and other financial responsibilities of an organization.

Permanent Accounts

Accounts whose balances carry over from one accounting period to the next accounting period.

Revenue

Earnings from interest or from the sale of goods or services.

Temporary Accounts

Accounts whose balances are closed at the end of an accounting period and reopened at the beginning of the next period.