David adam
New member
From an accounting perspective, every financial transaction you record is classified according to its accounts and subaccounts to support your company's accounting books. There are commonly five main types of A chart of accounts for a merchandising business : Assets, Liabilities, Equity, Revenue, and Expenditure. Among them, the expense account balance reflects how much money has been spent on running your company. However, on the other hand, liability account balances shows how much your company still owes.