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What is the types of accounts & it's rules ?
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Answer / darvesi
General we have 3 types of accounts.
1.Pesonnel account: it deals persons account
Debit: Receiver
Credit: Givever
2.Real accounts: It also calls as properties account
Debit: What comes in
Credit: What goes out.
3.Nominal Accounts: Expenses accounts
Debit; All expenses and losses
Credit:All revenues and incomes.
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Accounts are classified into 3 types they are as follows 1)
Personnel Accounts; 2) Real Accounts; & 3) Nominal Accounts.
Personal Accounts:
Debit: The Receiver
Credit: The Giver
Real Accounts:
Debit: What Comes In
Credit: What Goes Out
Nominal Accounts:
Debit: Expenses and Loses
Credit: Incomes and Gains
| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / g.deepika
accounts are of two types:
1.Personal accounts
2.impersonal accounts
1.personal account:its deals with person name,company etc..
Rule:debit the receiver, credit the giver
2.impersonal accounts are of two types
a)Real account
b)nominal account
real account deals properties,in short account of all assets
rule:debit what comes in credit what goes out
Nominal account deals in expenses,incomes,profit of a
particular co
rule:debit all expenses and losses credit all incomes and
gains
| Is This Answer Correct ? | 2 Yes | 0 No |
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