Everything in Accounting typically falls into one
by | Mar 18, 2020 | Uncategorized
Everything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accounting Equation: Assets = _______________ + _______________
You will note that the Accounting Equation comprises 3 “categories”, each of which can be broken down further into accounts. For each of the three main categories of the Accounting Equation, list 5 or more accounts with actual amounts that would typically be classified into each with double entry accounting bookkeeping system. For instance, Land & Equipment would typically be categorized as Assets.
To simplify your answers, complete the assignment using a basic table or diagram.
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