Question

what is an account? classify accounts with suitable examples​

Answer 1

Answer:

The accounts related to incomes, gains, expenses and losses are classified as nominal accounts. Examples of nominal accounts include sales account, purchases account, wages account, salaries account, interest account, rent account, gain on sale of fixed assets account and loss on sale of fixed assets account etc.

Answer 2

Answer:

According to modern approach, the accounts are classified as asset accounts, liability accounts, capital or owner's equity accounts, withdrawal accounts, revenue/income accounts and expense accounts.