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A "typical" chart of accounts is shown below. It is a combination of some typical business and personal accounts.


There are two types of reports: a "Balance Sheet" and a "Profit and Loss Statement".

A Balance Sheet shows Assets, Liabilities and Equity. The sum of all assets should equal the sum of Liabilities and Equity.

A Profit and Loss Statement shows Income and Expenses. The sum of all Income minus all expenses is the Profit or Loss.

The change in Equity from day to day (year to year) should equal that day's (year's) profit or loss.