Get a Grasp on Accounting Principles

In this exercise, you will use your accounting knowledge to brainstorm the accounts that would be required for the business that you will be working with in the Apply Your Skills exercises throughout the rest of this book.

Think about a veterinary practice. In the following space, list twelve accounts that you feel would be required on the businesss Chart of Accounts. Be sure to include at least one of each type of account in your list of twelve.

In the second column, list the type of account for each.

In the third column, state whether the normal balance for the account would be a debit (DR) or a credit (CR).

Account Name	Account Type (Asset, Liability, Equity, Income, Expense)	Normal Balance (DR/CR)