Types of Accounts

There are six types of account or accounting pillars used in recording economic activity in a systematic way.

types of accounts

>> See Golden Rules of Accounting.

 

Example 1:  

For each of the following, write Types of Account and Normal Balance?

 

 

S.no

 

 

Items

 

 

Types of Account

 

Normal Balance

1 Cash Assets Dr
2 Accounts Payable Liability Cr
3 Income Taxes Expense Dr
4 Stock Assets Dr
5 Transportation cost Expense Dr
6 Prepaid Rent Assets Dr
7 Sales Revenue Cr
8 Note Payable Liability Cr
9 Bill Receivables Assets Dr
10 Salary Outstanding Liability Cr
11 Rent and Taxes Expense Dr
12 Common Stock Owner’s Equity Cr
13 Sundry Debtors Assets Dr
14 Commission (cr) Revenue Cr
15 Leasehold Land Assets Dr
16 Utility Bills Expense Dr
17 Other Income Revenue Cr
18 Land and Building Assets Dr
19 Insurance Premium Expense Dr
20 Payable and Outstanding Liability Cr
21 Owner Invested Machinery Owner’s Equity Cr
22 Drawings Drawing Dr
23 Bank Charges Expense Dr
24 Salaries received Revenue Cr
25 Fuel Expense Expense Dr
26 Loan to Employees Liability Cr
27 Bank Account Assets Dr
28 Wages earned Revenue Cr
29 Marketable Securities Assets Dr
30 Unearned Revenue Liability

Cr

>> Types of Accounts MCQs