The Grouping of Accounts, in the context of Computerized Accounting System, means the classification of data from......... |
Asset, liabilities and capital Asset, capital, liabilities, revenue and expenses Asset, owners equity, revenue and expenses None of the above |
Asset, capital, liabilities, revenue and expenses |
The correct answer is option 2- Asset, capital, liabilities, revenue and expenses. The group that represents the classification of accounts based on the data point of view is Asset, Liabilities, Capital, Revenue, and Expenses.
This grouping reflects the primary categories in financial accounting:
Assets = Liabilities + Capital + (Revenues – Expenses). |