Accounting Types of Accounts refer to the different categories used to classify and report various transactions in a business. Typically, these include Current Assets, Long-Term Investments, Property, Plant & Equipment, Current Liabilities, Long-Term Debt, Equity, Revenue and Expenses. The purpose of having distinct types of accounts is to give leaders and stakeholders visibility into the overall financial health of the organization. Accounting Types of Accounts also provide a detailed breakdown of individual assets, liabilities and equities so that companies can accurately track their profits and losses.