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Classification of Accounts | Types of Accounts | Nominal Account, Personal account and Real Account

In accounting, accounts are classified into three main types: nominal accounts, personal accounts, and real accounts. Nominal accounts: Nominal accounts are used to record the income and expenses of a business. Examples of nominal accounts include salaries, rent, utilities, and advertising expenses. Personal accounts: Personal accounts are used to record the transactions of individuals or organizations that are not related to the business. Examples of personal accounts include accounts for customers, suppliers, and banks. Real accounts: Real accounts are used to record the assets, liabilities, and equity of a business. Examples of real accounts include accounts for cash, accounts receivable, inventory, and fixed assets. In general, nominal accounts are closed at the end of each accounting period (such as a month or a year), while real accounts are carried forward from one accounting period to the next. This means that the balances of nominal accounts are transferred to the profit and loss account (also known as the income statement), while the balances of real accounts are transferred to the balance sheet. The classification of accounts is important in accounting because it helps to ensure that transactions are recorded accurately and that the financial statements of a business accurately reflect its financial position. It also helps to ensure that the business is able to track its income and expenses, assets, liabilities, and equity, and to make informed decisions based on this information. My YouTube Gear: Boya BYM1(Mic): https://amzn.to/3bvm69j Redmi Note 7 Pro(Mic & Camera): https://amzn.to/3uRkVsb MSI Motherboard: https://amzn.to/3fiQHYO Intel i3 Processor: https://amzn.to/3w8TWbQ Mouse: https://amzn.to/3yb8PMP Keyboard: https://amzn.to/3bvmtkd Wifi Adaptor: https://amzn.to/3fiQYuO SSD: https://amzn.to/3w2w2Pa Speakers: https://amzn.to/3w6pKhv -------------------------- What is Warehouse & Warehousing | Types of Warehousing in Hindi | #25    • What is Warehouse & Warehousing | Typ...   What is Retailers? | Types of Retailers | Function of Retailers in Hindi | #26    • What is Retailers? | Types of Retaile...   Types of Bank in India | Commercial Bank, Public sector Bank, co-operative Bank, RRB in Hindi | #27    • Types of Bank in India | Commercial B...   What is Risk Management ? in Hindi | #28    • What is Risk Management ? in Hindi | #28   What is Debtors & Creditors | Difference Between Debtor and Creditor in Hindi | #29    • What is Debtors & Creditors | Differe...   Classification of Accounts | Types of Accounts | Nominal Account, Personal account and Real Account    • Classification of Accounts | Types of...   Rules of Debit and Credit | Golden Rules Of Accounting in Hindi | #31    • Rules of Debit and Credit | Golden Ru...   Difference between Consignment & Sales in Hindi | #32    • Difference between Consignment & Sale...   Diffrence Between Capital Reserve and Revenue Reserve | Capital Reserve | Revenue Reserve | #33    • Diffrence Between Capital Reserve and...   Difference between Consignment and Joint Venture | Letstute Accountancy in Hindi | #34    • Difference between Consignment and Jo...   Sinking Fund for Redemption of Liability vs Sinking Fund for Replacement of an Asset in Hindi | #35    • Sinking Fund for Redemption of Liabil...   Difference between Reserve and Provision in Hindi | #37    • Difference between Reserve and Provis...   Difference Between Fixed Instalment Method vs Diminishing Balance Method in Hindi | #36    • Difference Between Fixed Instalment M...   Difference between Promissory Note and Bill of Exchange in Hindi | #38    • Difference between Promissory Note an...   Difference between Joint Venture and Partnership in Hindi | #39    • Difference between Joint Venture and ...   -------------------------- #ahirlog #business Instagram:   / ahirlog   Facebook:   / ahirlog   Twitter:   / ahirlog   YouTube:    / ahirlog