Multiple choice

Accounts is classified into

  1. 3 types

  2. 2 types

  3. 1 type

  4. all the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Accounts are classified into three main types: Personal accounts (relating to individuals/firms), Real accounts (relating to assets), and Nominal accounts (relating to expenses/income/gains/losses). This classification is fundamental to applying debit and credit rules correctly.

Keep practicing — related questions