TRADITIONAL CLASSIFICATION OF ACCOUNTS

The three types of accounts maintained for transactions with parties are as follows.
1. Real Accounts:

They are the accounts of all assets used in the business or belonging to the business
2. Personal Accounts:

They are the accounts of the all natural and artificial persons.
3. Nominal Accounts:

They are the accounts of the all income and expenses and gains and losses suffered in business.

Accounts Accounts Classification Meaning Golden Rules of Accounting

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