XI ACCOUNTING CLASS 01 HEAD OF ACCOUNTS ! ELEMENTS OF ACCOUNTS! NATURE OF ACCOUNTS

HEAD OF ACCOUNTS / ELEMENTS OF ACCOUNTS/NATURE OF ACCOUNTS

What are the three basic elements of accounting

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

What are the three basic elements of accounting

The three major elements of accounting are: Assets, Liabilities, and Capital.

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