This paper demonstrates the generic models of different hybrid ac/dc microgrids components. The operational philosophy is oriented towards decentralized schemes while considering the absence of a single slack bus in the entire system. Instead, the DG units operate based on droop characteristics, thereby forming a multi-slack distribution system, and accordingly stabilize the system frequency and voltage. Unlike in grid-connected systems, the system frequency and voltage are variable, rather than fixed. These new operational characteristics are highlighted in the models proposed for the DG units, loads, and interlinking converters as well. The solution of the nonlinear equations, represent the system steady-state behavior, are contrasted with detailed time-domain simulations performed in PSCAD/EMTDC environment to evaluate the modeling accuracy.