how many types of accounts in accounting language?
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Answer Posted / latha devi vazir
There are three types of accounts.
1.Personal accounts,
2.Real accounts,
3.Nominal accounts.
Personal accounts: accounts related to Individuals and Business Organisations are prepared under this head.
Rule:DEBIT THE RECEIVER AND CREDIT THE GIVER.
Real accounts:Accounts relating to the properties of the proprietor are called real accounts
RULE:DEBIT WHAT COMES IN AND CREDIT WHAT GOES OUT.
Nominal accounts:Accounts relating to expenses, incomes, losses,and gains are called Nominal accounts.
RULE:DEBIT ALL EXPENSES AND CREDIT ALL INCOMES AND GAINS.
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