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Designing a Chart of Accounts
When contemplating which accounts to choose for recording your transactions, you need to think in terms of the five basic types of accounts: assets, liabilities, equity, income, and expenses. Every business will likely have a unique chart of accounts, with account names that fit the transactions of the particular business. No matter what names you choose for your accounts, you must group each account into one of the five types.

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  What is an Account?
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