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Revenue, Equity, Assets, Liabilities, and Expenses are the four different types of accounts.
Your accounting records need to be updated to reflect each sale of a product or service. Once this is complete, the relevant transaction is subsequently added to the respective account. Additionally, all transactions in which your company acquires goods or services from other businesses must be documented. Your company will operate at a high level thanks to this never-ending trail of documents. Thanks to accurate financial reporting, you'll be able to make critical company decisions because you'll know how much working capital you have available. So that you know what each account comprises, each one should display the right quantities.
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