Question

7 Salary Outstanding Account on the basis of classification of accounts is a.​

Answer 1

Explanation:

There are three different classes of accounting which are Financial Accounting, Cost Accounting, and Management Accounting. All three have their own characteristics and use. Further, they have different results as well as recording and maintenance.

Answer 2

ANSWER :

✎ On the basis of Traditional Approach or English Approach of accounts classification,

• ★ Salary Outstanding A/C is a Personal Account.

✎ On the basis of Modern Approach or American Approach of accounts classification,

• ★ Salary Outstanding A/C is a Liability Account.

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KNOW MORE :

❒ Accounts are classified on the basis of two approaches :-

• Traditional Approach or English Approach

• Modern Approach or American Approach

❒ On the basis of Traditional Approach or English Approach of accounts classification, there are three accounts heads :-

• Personal Accounts

• Real Accounts

• Nominal Accounts

❒ On the basis of Modern Approach or American Approach of accounts classification, there are five accounts heads :-

• Assets Accounts

• Liabilities Accounts

• Capital Accounts

• Revenue Accounts

• Expenses Accounts