Major Groups of Accounts
Question Description
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?
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