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Classification of accounts
When it comes to account classifications homework help, nobody can match us! Our commendable service will make you spellbound and give vast knowledge on thesubject. Accounts can be classified in two different ways. Such as:
1. Traditional classification.
2. Modern classification.
It is the old technique of classifying accounting and may not be adopted in advanced countries. In this category, accounts can be classified into four different types:
- Personal accounts.
- Valuation accounts.
- Real accounts.
- Nominal accounts.
In case of modern accounting, it is classified into:
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Different types of accounts
Account classifications homework help can surely give you guidance on your study. We are the only help through which you can simplify the subject and have abetter grasp on it. Accounts can be of different types. Some of them are Personal accounts and real accounts.
Personal accounts can further be divided into three:
1. Natural account: It is an account that is related to any individual.
2. Artificial account: This account can be related to any organization or business house.
3. Representative account: It is associated with a group of account. In case there are accounts of similar nature, then it can be classified as agroup such as rent payable account, interest receivable account, etc.
It is associated with business as each and every business would contain some assets and so each asset would be in need of an account. Such asset account is known as areal account.
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