Accounting is based on recording transactions with information obtained from sources documents which provides the proof necessary to determine the financial position of the business. This is the first step in the accounting process, whereas, recording business transactions are done according to the accounting equation.

Identify the three categories of the accounting equation, and list at least four accounts associated with each category.

Please properly cite your information using APA guidelines.

ISBN:-13 978-0133851250 Horngren's Finalcial & Mangerial Accounting 5th Edition