XI Accounting Class 01 Heads Of Accounts

HEAD OF ACCOUNTS / ELEMENTS OF ACCOUNTS/NATURE OF ACCOUNTS

There are only five heads of accounts to maintain the books of accounts.
 1) Assets.
2) Liabilities.
3) Owner’s equity / Proprietorship.
4) Revenue and income.
5) Expenditure/ Expense

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Kinds of Assets

Kind of Liabilities

Question) What are the three basic elements of accounting?
Answer) The three major elements of accounting are: Assets, Liabilities, and Capital.