Module 2: Accounts and the chart of accounts
Account types, normal balances, and how a chart of accounts is organized.
1. The five account types
Assets, liabilities, equity, revenue, and expenses — what each account type means, with clear examples and a classification drill.
About 8 minutes · 7 practice sets · Free
2. Normal balances
Learn which accounts normally carry debit balances and which carry credit balances — and why.
About 8 minutes · 6 practice sets · Free
3. Reading a chart of accounts
How a chart of accounts is numbered and organized, and how to choose the right account for a transaction.
About 8 minutes · 6 practice sets · Free
4. Contra accounts
Accumulated depreciation, allowances, and sales returns: accounts that reduce a related account and carry the opposite balance.
About 8 minutes · 5 practice sets · Pro practice