what is revenue and what are the seven main categoies? (Economics)

Question

anonymous · Answer

The general ledger is the main accounting record of a business which uses double-entry bookkeeping. It will usually include accounts for such items as current assets, fixed assets, liabilities, revenue and expense items, gains and losses. Each General Ledger is divided into debits and credits sections
there are five (seven) basic categories in which all accounts are grouped:
 Assets
    Liability
    Owner's equity
    Revenue
    Expense
    (Gains)
    (Loss)