4 Tutorials that teach Account Groups
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Account Groups

Account Groups

Author: Kevin Bullock

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

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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.