Whenever accounts are considered it is important that certain classifications be understood to ensure that there is no discrepancy in regards to their understanding. It is very important that these core concepts are clarified before students for best understanding of this subject.
Types of Accounts:
Since a firm deals with a number of people on a daily basis, these are accounts that are specifically related to a person or persons.
Various formats of this account:
These accounts are specifically related to property and other capital goods.