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4 Tutorials that teach Account Groups
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Account Groups

Account Groups

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Author: Jere Smith
Description:
In this lesson, the student will learn about the five major account groups.
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Tutorial

Notes on "Account Groups"

Key Terms

Account

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

Permanent Accounts

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

Temporary Accounts

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

Assets

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

Liabilities

Debts and other financial responsibilities of an organization.

Equity

The remaining value once liabilities are subtracted from assets.

Revenue

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

Expenses

Costs associated with operating or maintaining a business.

 

Source: Chart of Accounts by Jere Smith