Define Classification of Accounts with examples and rules?
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According to the double entry system of bookkeeping, there are three types of accounts that help you to maintain an error-free record of your journal entries. Each account type has a rule to identify its debit and credit aspect called as the Golden Rule of Accounting. ... Personal Accounts. Real Accounts. Nominal Accounts.
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the classification of accounts into real personal and nominal is based on their nature that is physical asset, liability ,juristic,entity or financial transaction example of nominal accounts include sales account and other etc .
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