What are the classifications of accounts in acc... - JSS1 Business studies Ledgers Question
What are the classifications of accounts in accounting, and how do they differ from each other?
Accounts in accounting are classified into four categories: real, nominal, personal, and impersonal. Real accounts represent tangible assets, nominal accounts represent revenues and expenses, personal accounts represent individuals or organizations, and impersonal accounts include items like accumulated depreciation and contra accounts.
Please share this, thanks:
Add your answer
No responses