Types of Accounts

There are Mainly Three types of Accounts:
  • Real Accounts
  • Nominal Accounts
  • Personal Accounts
Real AccountsReal Accounts are accounts relating to Tangible or Intangible Assets of the Business Concern. Example ; Land, Building, Goodwill, Cash etc.

Nominal AccountsNominal Accounts are Accounts relating to Income & Expenses (Gains or Losses) of a Business Concern. Example ; Salary Account, Dividend Account, Sales Account etc.

Personal AccountsAs the name reflects, Personal Accounts are Accounts relating to Persons of the Business Concern. Example ; Suppliers, Customers, Lenders, Creditors etc.

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