Question on: JAMB Accounting - 2019
Accounts can be classified into
A
cash and credit transactions
B
cash and credit accounts
C
personal and private account
D
personal and impersonal account
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Correct Option: D
A personal account refers to thee type of account for use by an individual abd for that person's own needs.
Herr are soms examples of personal accounts: debtors, creditors, banks, outstanding/prepaid accounts, accounts of credit customers, accounts of goods suppliers, capital, drawings, etc.
On the other hand, impersonal accounts are accounts which are not held in the name of the persons or are directly related to the customers or suppliers of a business
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