class of accounts definition

class of accounts

Five major categories in which accounts are divided: (1) Assets, (2) Liabilities, (3) Net assets, (4) Revenue, and (5) Expenditure. These accounts are generally further divided into groups and sub-groups within each class. See also chart of accounts.

class of accounts is in the Accounting & Auditing and Banking, Commerce & Finance subjects.

class of accounts appears in the definition of the following term: chart of accounts

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