The following account titles were drawn from the general ledger of Holt Food Supplies, Incorporated (HFSI): Computers, Operating Expenses, Rent Revenue, Building, Cash, Notes Payable, Land, Utilities Payable, Utilities Expense, Trucks, Gasoline Expense, Retained Earnings, Supplies, Accounts Payable, Office Furniture, Salaries Expense, Common Stock, Service Revenue, Interest Expense, Dividends, Supplies Expense.

Will all the businesses have the same type of account?

An account is a statement showing the records of financial expenditure within a given period of time. It shows the financial input and output records of a company at a given time. The time span could be one year, two years or more. There are five main types of account and they include:

- Assets

- Revenue

- Expenses.

- Equity

- Liability

Assets account- Those things that a company owns such as computers, equipment, buildings, cash etc.

Expenses account - These include those goods or services that a company purchases for its use to generate income. Examples include rent, salaries, utilities etc.

Revenue account - This is also known as income. The profit a company makes by offering services to the public. Examples include sales made by a company.

Liability account - This is the amount of money owed or debts payable to creditors such as unpaid bills, loans, mortgages.

Equity account - Equity defines the monetary worth of a company after deducting liabilities. It gives direction on the overall performance of a company and its financial strength. Examples include common stock, dividends and retained earnings.