Which of the following is an example of Personal Account? Select one: a. Machinery b. Cash c. Creditor d. Rent
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Creditor is the right answer
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Out of the given options creditor is a personal account.
- A personal account represents an account for an individual's use for the own needs of that person. Such active accounts are linked to persons, firms, corporations, etc.
- Debtors and creditors, drawings, various banks, outstanding and various prepaid accounts, necessary capital, etc. are few types of personal accounts.
- Thus, among the given options only creditor is a personal account.
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