Tag Archives: personal accounts

Let’s break down what an “account” means in business and accounting. Imagine a company has many different things it owns, and different things it owes to others. To keep track of all of these, we use “accounts”. An account is like a special page or folder in a book (called …

Everything in a business has its own account which falls under one of 5 types of accounts or 3 classes of accounts. The 5 types of accounts are assets, liabilities, income, capital and expenses, also known as ALICE accounts. Each account shows details of an item from the date it …