What is the types of accounts & it's rules ?
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Answer Posted / jagadeesh.rt
Type of accounts are classified into three categories :
Personal accounts : The personal accounts are again
classified into Personal and impersonal accounts
Personal accounts : In which the transactions
directly indicate the natural persons. Eg. Ram, sharma
Impersonal accounts : In which the transactions
indirectly indicate the artifical persons created by the
law. ICICI BANk
Debit the receiver
Credit the giver
Real accounts : For general operating of the firm, it
requires some assets like fixed assets and current assets.
These types of assets are classified under this head. Eg.
furniture, fixtures,inventory
What comes in Debit
What goes out is Credit
Nominal accounts : The expenes incurred for the operating
of the firm, will be classified under this head. Eg. Wages,
Salaries(denpending on the transactions)
All expenses and losses debit
All incomes and gains credit
| Is This Answer Correct ? | 312 Yes | 29 No |
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