(Classification of accounts) Classify the following accounts according to Traditional Approach : 1. Capital 2. Building 3. Carriage Inward 4. Cash 5. Interest paid 6. Commission Received 7. Discount Allowed be 8. Bank 9. Conveyance Charges 10. Subscription 11. Wages and Salaries 12. Light, Power and Electricity 13. Insurance Premium 14. Discount Received 15. Furniture & Fixtures Purchased.
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CLASSIFICATION OF ACCOUNTS
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
Explanation:
TRADITIONAL APPROACH
According to traditional approach or British approach, the accounts are classified into three types – real accounts, nominal accounts and personal accounts
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