Assets, Liabilities, Equity, Revenue and Expenses

Assets, Liabilities, Equity, Revenue and Expenses are different accounts in the accounting system.

Assets account: Anything that add value to an entity's worth, fall under this account.

liabilities account: anything that take away value from an entity worth, falls under this account.

Equity account: any contribution of money, or financial equivalent invested by an entity in his worth.

The revenue account: All income generated will be recorded in this account.

Expense account: any financial transactions that occur, as expenditure, in generating that income.

a house can be used as an example that includes all the explained accounts:

Asset: your house has a dollar value attached to it all the time.
Liability: the loan that you took to purchase the house.
Equity: the down payment that you put to purchase the house.
Revenue: If I rent out my house then the income will be my revenue.
Expense: the cost of maintenance, insurance, repair...etc