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An account is defined as a statement or record that is used to collect and store debit and credit amounts. It is also known as a statement that explains one’s conduct. There are three types of account and the classification is based on their nature (liability, physical asset, juristic entity and final transaction). Accounts can be further classified and is based on the periodicity of their inflows or outflows in a fiscal year. Long term inflow is an asset and long term outflow is liability. Classification of the items in an account is done in five broad groups which are also known as the elements of the accounts. For a complete detailed study about accounts students can refer to Classification of Accounts Assignment Help.
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Classification of Accounts
There are three types of account- Personal Accounts, Real Accounts and Nominal Accounts. The different types of account explained in Classification of Accounts Assignment Help are-
- Personal Accounts: –
Personal Account is a type of account which is related to persons, individuals and firms or customer, suppliers, money lenders and the bank. It is further divided into three types. They are-
i. Natural Personal Accounts: – Natural Personal Accounts is a type of personal account which is related to human beings.
ii. Artificial Personal Accounts: – Artificial Personal Accounts is a type of personal accounts which do not have physical existence and have a separate entity as per the law. For example- Google Account, Microsoft Account, etc.
iii. Representative Personal Account: – Representative Personal Account is a type of Personal account which represents a group of accounts. Its different types are- Outstanding expense account, Advance expense account, outstanding income account and Advance income account.
- Real Accounts: –
Real account is a type of account which is related to assets and objects of the business. In this account the objects and properties which can be seen, felt, measured, sold, purchased and can be physically transferred are considered. These assets are of two types –
i. Tangible: – The assets which can be touched are known as tangible assets. For example- stock, cash, plant, machinery, furniture, etc.
ii. Intangible: – The assets which cannot be touched are known as intangible assets. For example- Patent, copyrights, etc.
- Nominal Accounts: –
Nominal account is a type of account which is related to business expense, loss, gain and income. It consists of all income and expenditure accounts. Nominal accounts are also called as Fictitious accounts because these accounts cannot be touched and seen. For example- rent paid, rent received, discount, commission, interest, electricity charges,sales, purchases, etc. Nominal accounts is explained in a detailed way in Classification of Accounts Assignment Help.
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