Types of Accounts Quiz
Personals accounts are where we record,
A)Customers & Suppliers
B)Income & Expenses
Explained – Types of Accounts Quiz
Customers & Suppliers accounts that are also known as Debtors & Creditors accounts are personal account.
On a refreshing note there are two types of accounts, personal and impersonal accounts.
Personal accounts are mainly debtors & creditors accounts whereas the impersonal accounts are further divided into real accounts and nominal accounts.
A detailed tutorial is available on this topic at accountingsir.com Accounting Basics section, but in short we can state here that real accounts are used for recording items of possessions that is assets (land & building, machinery, furniture etc). Nominal accounts are accounts other than the real accounts. Income & Expense accounts, Capital Accounts are nominal accounts.