Question

classification of a account​

Answer 1

According to modern approach, the accounts are classified as asset accounts, liability accounts, capital or owner's equity accounts, withdrawal accounts, revenue/income accounts and expense accounts.

@Samu❤️

Answer 2

Answer:

According to traditional approach or British approach, the accounts are classified into three types – real accounts, nominal accounts and personal accounts. Because it is an old system of classifying accounts, its use is very rare in practice.