Answer:

>>> Accountancy

There are various types of special accounts used in trading companies, depending on the nature of their operations and accounting requirements. Here are some common types of special accounts used in trading companies:

• Number 1

Inventory account: This account is used to track the cost of goods sold (COGS) and the value of the inventory on hand. It helps the company keep track of the amount of inventory it has, the cost of that inventory, and the amount of inventory that is sold.

• Number 2

Accounts receivable and payable: These accounts are used to track the amount of money owed to the company by its customers (accounts receivable) and the amount of money owed by the company to its suppliers (accounts payable).

• Number 3

Cash account: This account is used to track the cash flow of the company. It includes all transactions related to the company's cash, such as cash receipts, cash disbursements, and bank deposits.

• Number 4

Expense accounts: These accounts are used to track the expenses incurred by the company, such as salaries, rent, utilities, and other operating expenses.

• Number 5

Equity accounts: These accounts represent the ownership interest of the company's shareholders. They include accounts

• 3 March 2023