Accounts can be classified into
...Accounts can be classified into
Cash and credit transactions
Cash and credit accounts
Personal and private account
Personal and impersonal account
Correct answer is D
A personal account is an account for use by an individual for that person's own needs. A few examples of personal accounts include debtors, creditors, banks, outstanding/prepaid accounts, accounts of credit customers, accounts of goods suppliers, capital, drawings, etc.
impersonal accounts: Accounts which are not held in the name of the persons or are directly related to the customers or suppliers of a business. a. Real Accounts, e.g. Asset Account; and, 2. Nominal Accounts, e.g. Income and Expenditure Accounts.
Carriage inward expenses of a business is treated in ...
The summary of receipts and payments account represent? ...
The similarities between Receipts and payments and income and expenditure account is ...
The main purpose of transaction file is ...
Opening stock---------2,300 Purchases-------------11,874 Sales--------------------18,600 Closing ...
Opening capital ---10,800 Drawings----------- 2,500 Trade creditors ----2,560 Trade debtors -----...
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock of raw materials} & 24,750\\ \text{...