Nominal Account: These account categories relate to gains or losses in income and costs or gains in expenses. As an example, consider the examples: rent, salary, commission received, transportation, wages, etc.
Natural Person: for instance, Santosh's, Smith's, Virat's, etc.
Artificial Persons: Examples of artificial persons are partnerships, corporations, bodies corporate, groups of people, etc. Charitable Trusts, XYZ Bank Ltd., Schools, Virat and Company Ltd., LLP, etc. are a few examples.
Accounts that, either directly or indirectly, represent a certain person or group. For instance, accounts for salaries payable, wages payable, bills payable and receivable, etc.
Personal, Real, and Nominal Accounts are the three primary categories of accounts.
Real Account: These account kinds pertain to possessions or other types of property. Intangible real accounts and Tangible real accounts are two further categories. Examples include building and equipment accounts, cash and goodwill accounts, trademarks, and so on.
Bill Receivable Account is ______. 1. all expense account 2. a nominal account 3. a revenue expenditure account 4. a personal account
A personal account is a bill receivable account. It is an account used by an individual for that own requirements. It is a relative term which is used to differentiate them from the accounts used for corporate or business.
Commentswrite a comment