are set up for each item on the financial statements and are
analyzed to provide details for financial reports. They each
fall into one of the following categories:
Balance Sheet Accounts - classified as assets, liabilities, or
Income Statement Accounts - classified as revenues or expenses.
daily transaction of a business has an impact on the at least two
accounts. For example paying $100 on an account in your
payables would lower your cash level, but it would also lower your