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

What are the three basic elements of accounting

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