If you are ready to have a clearer outlook on your financial picture, let’s look at the five types of accounts found in accounting.
Assets
Expenses
Income
Liabilities
EquityCompanies will use several accounts to keep track of their financial records. Some of the most common accounts include assets, expenses, liabilities, equity, and income. These accounts are used for different purposes, and you must update them daily or weekly. Click here to learn more about the different accounts in accounting.