Classification Of Accounts
It is necessary to know the classification of accounts and their treatment in double entry system of accounts. Broadly, the accounts are classified into three categories:
- Personal accounts
- Real accounts
- Tangible accounts
- Intangible accounts
Let us go through them each of them one by one
Difference between Personal and Impersonal Account
Question:Differentiate between personal and impersonal accounts
The differences between personal and impersonal accounts can be seen from what is debited and what is credited. In this concept you are going to learn those differences and investigate how they differ.
There are two types of accounts. Personal account and impersonal accounts, impersonal accounts is further divided in two groups. They are depicted on the image below.
Explain two types of accounts.What are the difference between real account and nominal account?Think about any account you’re owning? Is it personal or impersonal account? Share your answers on the discussion forum.
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