How many type of account?

Question

Answer

Three types

There are mainly three types of accounts in accounting: Real, Personal and Nominal accounts, personal accounts are classified into three subcategories: Artificial, Natural, and Representative.

Answer

There are normally 3 types of accounts - personal, real, nominal.

Answer

There are two type of account 1 personals/c 2 impersonal , this is classified in two part nominal or real

Answer

3 types of account
1.personal A/C
2.real A/C
3.nominal a/c

Answer

Types of Accounts

Personal Accounts: These accounts represent individuals or entities and include accounts like a bank account, sales account, purchase account, etc. Personal accounts are subdivided into natural, artificial, and representative accounts based on their nature.

Real Accounts: Real accounts are tangible accounts that represent assets, liabilities, and owner's equity. Examples include land, buildings, cash, accounts payable, etc. Transactions related to real accounts are recorded in the balance sheet.

Nominal Accounts: Nominal accounts are temporary accounts that record revenue, expenses, losses, and gains. Examples include sales account, rent account, salary account, etc. These accounts are closed at the end of the accounting period to determine the net profit or loss.

Suspense Accounts: Suspense accounts are used to temporarily record transactions when the appropriate account is not known. Once the correct account is identified, the amount is transferred from the suspense account to the correct account.

Joint Accounts: Joint accounts are shared accounts held by two or more individuals who have equal rights to the account. These accounts are commonly used for partnerships, clubs, or shared expenses.

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