Classifying Accounts & Understanding Debits and Credits

Activity Description

In this interactive worksheet, students will deepen their understanding of accounting by categorizing 11 provided accounts into one of five key account types: assets, liabilities, equity, expenses, and revenue. They will drag and drop each account into the appropriate category, reinforcing their knowledge of the fundamental structure of financial statements.

In addition, students will select and define what debit and credit mean for each of these account types, helping them grasp how transactions affect the balances of these accounts.

Key Learning Objectives:

• Identify and categorize accounts based on their types: assets, liabilities, equity, expenses, and revenue.
• Understand the debit and credit rules for each account type.
• Apply foundational accounting concepts to real-world financial scenarios.

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