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which of the following is not personal account,(a)bank account (b)drawing account (c)proprietors account (d)live stock account
? Related: Introduction to Accounting
Most Upvoted Answer
which of the following is not personal account,(a)bank account (b)draw...
Personal Accounts in Accounting
Personal accounts in accounting are accounts that are related to individuals, firms, or organizations. They are classified into three categories - Natural, Artificial, and Representative. Natural accounts are related to human beings, artificial accounts are related to legal entities, and representative accounts are related to persons who act on behalf of others.
Examples of Personal Accounts
Some examples of personal accounts include:
1. Bank Account - It is a personal account as it belongs to an individual or an organization.
2. Drawing Account - It is also a personal account as it is related to the owner of the business who withdraws money from the business for personal use.
3. Proprietor's Account - It is a personal account as it belongs to the owner of the business.
4. Live Stock Account - It is not a personal account as it belongs to a group of assets that are used in the business, and not to an individual or an organization.
Conclusion
In conclusion, personal accounts in accounting are related to individuals, firms, or organizations. They are classified into three categories - Natural, Artificial, and Representative. Examples of personal accounts include bank account, drawing account, and proprietor's account. Live stock account is not a personal account as it belongs to a group of assets that are used in the business.
Personal accounts in accounting are accounts that are related to individuals, firms, or organizations. They are classified into three categories - Natural, Artificial, and Representative. Natural accounts are related to human beings, artificial accounts are related to legal entities, and representative accounts are related to persons who act on behalf of others.
Examples of Personal Accounts
Some examples of personal accounts include:
1. Bank Account - It is a personal account as it belongs to an individual or an organization.
2. Drawing Account - It is also a personal account as it is related to the owner of the business who withdraws money from the business for personal use.
3. Proprietor's Account - It is a personal account as it belongs to the owner of the business.
4. Live Stock Account - It is not a personal account as it belongs to a group of assets that are used in the business, and not to an individual or an organization.
Conclusion
In conclusion, personal accounts in accounting are related to individuals, firms, or organizations. They are classified into three categories - Natural, Artificial, and Representative. Examples of personal accounts include bank account, drawing account, and proprietor's account. Live stock account is not a personal account as it belongs to a group of assets that are used in the business.
Community Answer
which of the following is not personal account,(a)bank account (b)draw...
Correct answers is Drawing Account because drawing is an expense thus it is Nominal Account.
Live stock Account is Personal Account because live stock related to animals and are included in personal account.
Live stock Account is Personal Account because live stock related to animals and are included in personal account.
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which of the following is not personal account,(a)bank account (b)drawing account (c)proprietors account (d)live stock account Related: Introduction to Accounting?
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which of the following is not personal account,(a)bank account (b)drawing account (c)proprietors account (d)live stock account Related: Introduction to Accounting? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about which of the following is not personal account,(a)bank account (b)drawing account (c)proprietors account (d)live stock account Related: Introduction to Accounting? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for which of the following is not personal account,(a)bank account (b)drawing account (c)proprietors account (d)live stock account Related: Introduction to Accounting?.
which of the following is not personal account,(a)bank account (b)drawing account (c)proprietors account (d)live stock account Related: Introduction to Accounting? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about which of the following is not personal account,(a)bank account (b)drawing account (c)proprietors account (d)live stock account Related: Introduction to Accounting? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for which of the following is not personal account,(a)bank account (b)drawing account (c)proprietors account (d)live stock account Related: Introduction to Accounting?.
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