Major Groups of Accounts

I need an explanation for this Accounting question to help me study.

Prior to beginning work on this discussion, read Chapters 1 and 2 in the textbook.

Write: Make sure your response addressing the following questions is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.

  • What accounts are included in each of the six major groups of accounts?
  • State the normal balance of each of the six major groups.
  • What effect does a debit and a credit have on each major group?
  • How might an imbalance in debits and credits impact a business?

Get 20% discount on your first order with us. Use code: GET20