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The Accounting Elements: Account Title

The basic accounting elements are assets, liabilities, capital, income, and expenses. These elements are used to identify and classify items affected by transactions and events. Account titles provide brief descriptions to group similar items by kind, class or nature.

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48 views1 page

The Accounting Elements: Account Title

The basic accounting elements are assets, liabilities, capital, income, and expenses. These elements are used to identify and classify items affected by transactions and events. Account titles provide brief descriptions to group similar items by kind, class or nature.

Uploaded by

Sheena Amit
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as RTF, PDF, TXT or read online on Scribd
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THE ACCOUNTING ELEMENTS

The accounting elements also termed values or accounts , are the means of
identifying or classifying the items affected by transactions and events.

THE BASIC ACCOUNTING ELEMENTS ARE:


ASSETS

LIABILITIES

CAPITAL

INCOME

EXPENSES

ACCOUNT TITLE are identifications or brief descriptions of items that fall to same
kind, class or nature

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