Personal Account, Impersonal Account, And Real And Nominal Account - SS1 Accounting Past Questions and Answers - page 1
Which of the following is an example of a personal account?
Depreciation account
Bank account
Inventory account
Rent expense account
Which of the following is an example of an impersonal account?
Customer account
Accounts payable account
Sales account
Accounts receivable account
Which of the following is an example of a real account?
Rent expense account
Sales account
Accounts payable account
Equipment account
Which of the following is an example of a nominal account?
Bank account
Depreciation account
Inventory account
Interest income account
Which type of account is used to keep track of transactions involving individuals or organizations?
Real account
Nominal account
Personal account
Impersonal account
What is a personal account and give an example of one?
A personal account is an account that relates to a person or entity. An example of a personal account is a bank account.
What is the difference between a real account and a nominal account?
A real account is used to keep track of transactions that involve physical items, such as assets, liabilities, and equity. A nominal account is used to keep track of transactions that relate to expenses, revenues, gains, and losses.