There are three basic types of balance sheet accounts. They are:

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The three basic types of balance sheet accounts are asset, liability and equity. Assets are resources owned by the business, liabilities are debts or obligations owed to others, and equity represents the residual interest in the assets of the business after deducting liabilities. Income, expense and drawings are not balance sheet accounts, as they affect the income statement. Bank, debtors and creditors are types of assets and liabilities, respectively, and are included in the asset and liability categories.

There Are Three Basic Types of Balance Sheet Accounts