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Types of Accounts

All accounts are either personal or impersonal though it is commonly claimed that there are three types of accounts – personal, real and nominal. Either classification is correct. Impersonal accounts are subdivided between real accounts and nominal accounts.

Personal accounts are for persons who are debtors and creditors.

Real accounts are for assets, liabilities and reserves.

Nominal accounts are for incomes and expenditures.

Last Updated (Saturday, 25 September 2010 18:44)

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