Question

Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts.

Answer 1

two (a) asset accounts

• Cash and cash equivalents, which is the most liquid asset.
• Inventory, which are the goods that the company buys or produces, to sell later on, and make a profit.

two libability accounts

• Acconts payable, which is the money that the company owes.
• Unearned revenue, which are revenues for goods or services that have not been delived yet.

two equity accounts

• Common stock, the most typical form of equity.
• Retained earnings, income that is left after paying dividends.

Step-by-step explanation: