Question

classification of accounting in double entry system

Answer 1

the accounts are classified into 3 categories.

1. personal account

natural personal account
artificial personal account
representative personal account

2. real account

tangible account
intangible account

3. nominal account

Answer 2

Answer:

For the purpose of the accounting equation approach, all the accounts are classified into the following five types: assets, capital, liabilities, revenues/incomes, or expenses/losses. If there is an increase or decrease in a set of accounts, there will be equal decrease or increase in another set of accounts.