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?
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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.
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