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We all know all the transactions are records by an accountant in his books of accounts. First he must understand which transition should be debited and which should be credited. To execute such accounting transactions a clear plan of types of accounts and classification of accounts is very important. Classifications of accounts covers a wide area in the field of accounting and its problems are not easy to crack therefore various students seek account classifications homework help and account classifications numerical help. Classification of accounts doesn’t consist of only numerical question a large part of its study is theoretical and its basics are complicated so various student looks for best account classifications assignment help.
Classification of accounts
Types and classification of accounts
1. Personal accounts
2. Real accounts
3. Nominal accounts
Accounts which are related to individuals, persons, and firms are called personal accounts. Personal accounts are divided in to:
1. Natural persons personal accounts
2. Artificial persons personal accounts
3. Representative personal accounts
Naturals persons personal account
Any accounts which are related to human beings are called as personal accounts. Such accounts are basically related to buying and selling of products and we can also do the same in response. Such accounts are required to track to those amounts which are payable or receivable.
Artificial personal accounts
Business which are operated by board of governors, head of departments, principles etc and which are not living or human being means artificial in nature but have a separate entity as per law are artificial personal accounts.
Representative personal accounts
When an account represents certain persons is called representative personal accounts. These are also of various types as given below:-
Outstanding expense account
These accounts maintain the expenses of services we get from individuals firms and the amount will be appeared on the liability sidemen courier charges, salaries, etc
Advance expense account
These are the accounts made for the payment made in advance before the services.
Outstanding income account
The amount which is receivable and the services are already provided.
Advance income account
Here are earnings are received before the services are provided to the party.
Real accounts
Both tangible and intangible assets are representing by real accounts.
Nominal accounts
Accounts related to business proprietor are called as nominal accounts it has no existence, it’s also known as proprietary.
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