explain each type of account with example (8 Mark's)
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what type of account is this
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1. Personal Account
As the name suggests, Personal Accounts are the ones that are related with individuals, companies, firms, group of associations etc. These persons could include natural persons, artificial persons or representative persons.
2. Real Account
Real Accounts are the ones that are related with properties, assets or possessions. These properties can be both physically existing as well as non physical in nature. Thus, Real Accounts can be of two types: Tangible Real Accounts and Intangible Real accounts
3. Nominal Account
Nominal Accounts relate to income, expenses, losses or gains. These include Wages A/c, Salary A/c, Rent A/c etc.
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