101-199 Asset Accounts

201-299 Liability Accounts

301-399 Equity Accounts

401-499 Revenue Accounts

501-599 Expense Accounts

Author/Copyright : Ministry Version -I

Page 1 of 15 Establishing and Maintaining a Cash and Accrual Accounting
of Labor and
System Level IV
November, 2023
Skills
The following are examples of Asset accounts:

Author/Copyright : Ministry Version -I

Page 2 of 15 Establishing and Maintaining a Cash and Accrual Accounting
of Labor and
System Level IV
November, 2023
Skills
The following are examples of Liability accounts:

Author/Copyright : Ministry Version -I

Page 3 of 15 Establishing and Maintaining a Cash and Accrual Accounting
of Labor and
System Level IV
November, 2023
Skills
 Author/Copyright : Ministry Version -I
Page 4 of 15 Establishing and Maintaining a Cash and Accrual Accounting
of Labor and
System Level IV
November, 2023
Skills
The following are examples of Equity accounts:

*A firm will have a varying number of these accounts depending on the number of products or services the firm manufactures or
offers.

Author/Copyright : Ministry Version -I

Page 5 of 15 Establishing and Maintaining a Cash and Accrual Accounting
of Labor and
System Level IV
November, 2023
Skills
The following are examples of Expense accounts:

Author/Copyright : Ministry Version -I

Page 6 of 15 Establishing and Maintaining a Cash and Accrual Accounting
of Labor and
System Level IV
November, 2023
Skills
 Author/Copyright : Ministry Version -I
Page 7 of 15 Establishing and Maintaining a Cash and Accrual Accounting
of Labor and
System Level IV
November, 2023
Skills
The journal entry rules for the accounts are as follows:

For Asset accounts you debit increases and credit decreases. For Liability accounts you credit increases and debit decreases For
Revenue accounts you credit increases and debit decreases For Expense accounts you debit increases and credit decreases

101-199 Asset Accounts

201-299 Liability Accounts
301-399 Equity Accounts
401-499 Revenue Accounts
501-599 Expense Accounts

Author/Copyright : Version -I
Page 8 of 15 Establishing and Maintaining a Cash and Accrual Accounting
Ministry of Labor and
System Level IV November, 2023
Skills
 The following are examples of Asset accounts:

Author/Copyright : Version -I
Page 9 of 15 Establishing and Maintaining a Cash and Accrual Accounting
Ministry of Labor and
System Level IV November, 2023
Skills
 The following are examples of Liability accounts:

Author/Copyright : Version -I
Page 10 of 15 Establishing and Maintaining a Cash and Accrual Accounting
Ministry of Labor and
System Level IV November, 2023
Skills
 Author/Copyright : Version -I
Page 11 of 15 Establishing and Maintaining a Cash and Accrual Accounting
Ministry of Labor and
System Level IV November, 2023
Skills
 The following are examples of Equity accounts:

*A firm will have a varying number of these accounts depending on the number of products or services
the firm manufactures or offers.

Author/Copyright : Version -I
Page 12 of 15 Establishing and Maintaining a Cash and Accrual Accounting
Ministry of Labor and
System Level IV November, 2023
Skills
 The following are examples of Expense accounts:

Author/Copyright : Version -I
Page 13 of 15 Establishing and Maintaining a Cash and Accrual Accounting
Ministry of Labor and
System Level IV November, 2023
Skills
 Author/Copyright : Version -I
Page 14 of 15 Establishing and Maintaining a Cash and Accrual Accounting
Ministry of Labor and
System Level IV November, 2023
Skills
 The journal entry rules for the accounts are as follows:
For Asset accounts you debit increases and
credit decreases. For Liability accounts you
credit increases and debit decreases For
Revenue accounts you credit increases and
debit decreases For Expense accounts you
debit increases and credit decreases

Author/Copyright : Version -I
Page 15 of 15 Establishing and Maintaining a Cash and Accrual Accounting
Ministry of Labor and
System Level IV November, 2023
Skills