mention the type of account ? Explain any one
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Different types of accounts in accounting are Real, Personal and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account. Also, three different sub-types of Personal account are Natural, Representative and Artificial.
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Accounting Process
Types of Accounts
3 Different types of accounts in accounting are Real, Personal and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account. Also, three different sub-types of Personal account are Natural, Representative and Artificial. In this article, we will see the 3 golden rules of accounting with examples. Let’s begin.
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Types of Accounts – Real, Personal and Nominal Account
Accounting is a process of recording, classifying and summarizing financial transactions in a significant manner and interpreting results thereof. Accounting is both science and art.
For every type of entity, whether it is large in size or small in size, it is very important to have a proper system of accounting for proper management of an entity’s business operations. An accountant must have a good understanding of the terms used in accounting and types of accounts.
An account is the systematic presentation of all the transactions related to a particular head. An account shows the summarized records of transactions related to a concerned person or thing.
For Example: when the entity deals with various suppliers and customers, each of the suppliers and customers will be a separate account.
An account may be related to things which can be tangible as well as intangible. For example – land, building, furniture, etc. are things.
An account is expressed in a statement form. It has two sides. The left-hand side of an account is called a Debit side whereas right-hand side is called as Credit side. The debit is denoted as ‘Dr’ and credit is denoted as ‘Cr’.
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Classification of Accounts in Accounting
Personal Account
Real Account
Tangible Real Account
Intangible Real Account
Nominal Account
Personal Account
These accounts types are related to persons. These persons may be natural persons like Raj’s account, Rajesh’s account, Ramesh’s account, Suresh’s account, etc.
These persons can also be artificial persons like partnership firms, companies, bodies corporate, an association of persons, etc.