Question

machinery which type of account
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Answer 1

Answer:

Real Account/Asset Account as per traditional/modern approaches respectively.

Explanation:

Traditional Approach:

All accounts are classified into

1. Real Account - Assets (except banks, debtors) and liabilities (expect creditors)
2. Nominal Account - Incomes/losses/expenses/gains
3. Personal Account - Debtors/Creditors/banks (anything with a name basically)

Modern Approach:

All accounts are classified into

1. Incomes/Gains
2. Expenses/Losses
3. Assets
4. Liabilities
5. Capital

Answer 2

Machinery which type of account ?

Machinery which type of account 'Real account'.

Explanation :

• Real Account are that accounts which are related to an asset or property.
• Real account is tangible real account represent assets that are physical assets, such as buildings, land, machines, cash, etc.
• Whatever the asset is, a separate real account is created for that asset. Whatever the type of property, be it movable or immovable property, machinery or building. All assets have separate real accounts and all those accounts are classified into tangible asset account or intangible asset account.
• Tangible real accounts represent assets that are physical assets, such as buildings, land, machines, cash, etc.
• Intangible real accounts are accounts that cannot be seen, touched or felt. For such intangible assets.

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