Mention the types of accounts involved in double entry book-keeping?
Oluwatobiloba AdenolaLevel 2
Mention the types of accounts involved in double entry book-keeping?
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Double entry system of account deals with two or more accounts for every business transaction. Here are 5 accounts, out of which one or two can be involved in a transaction:
1. Assets account
2. Liabilities account
3. Capital account
4. Revenue or income account
5. Expenses or losses account