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Types of Accounts involved in Accounting System

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Types of Accounts involved in Accounting System

The above mentioned transactions has to be analysed properly and recorded in a systematic way to avoid confusion of any type in future.

The concept of double entry in a business transaction is necessary and important concept to be understood by the accountant or proprietor of the business.

The various types of assets a firm or any business entity owns fall under the category of real account.

Anything that cannot be touched or felt physically is known as Intangibles.

The various types of Intangible assets included under real account are goodwill, patents and trademarks of registration firm etc.

The transactions included in personal account are debtor, creditor, banks, goods purchased from suppliers, capital or drawings etc.

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