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The grouping of accounts means the classification of data from: |
Assets, Liabilities and Capital Assets, Capital, Liabilities, Revenue and Expenses Assets, Owner's Equity, Revenue and Expenses Revenue, Expenses and Liabilities |
Assets, Capital, Liabilities, Revenue and Expenses |
The correct answer is Option (2) - Assets, Capital, Liabilities, Revenue and Expenses The grouping of accounts typically refers to the classification of data from Assets, Capital, Liabilities, Revenue, and Expenses. This broader classification includes all major categories used in financial accounting. Assets = Liabilities + Capital + (Revenues – Expenses). |
