Types of Accounts
An Account is basic building block of accounting. There are six types of account or accounting pillars used in recording economic activity in a systematic way.
>> See Golden Rules of Accounting.
For each of the following, write Types of Account and Normal Balance?
Types of Account
|11||Rent and Taxes||Expense||Dr|
|12||Common Stock||Owner’s Equity||Cr|
|18||Land and Building||Assets||Dr|
|20||Payable and Outstanding||Liability||Cr|
|21||Owner Invested Machinery||Owner’s Equity||Cr|
|26||Loan to Employees||Liability||Cr|
Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Advanced Accountancy (Vol. I & II). New Delhi: S Chand & Co.
Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Corporate Accounting. New Delhi: S. Chand and Co.
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Accounting Principles (10th ed.). Hoboken: John Wiley & Sons, Inc.
Williams, M., & Bettner, H. (1999). Accounting (The basic for business decisions). (11th, Ed.) USA: Irwin McGraw- Hill.