Accounting and Finance is a tough subject, and nobody gets it right the first time. There are numerous tedious calculations involved which take hours to complete. And there is always possibility of a slight mistake that could ruin all your efforts. Doing it all over again is an unnecessary rework, especially if you know all the process and are missing just a single digit in the calculation. Such rework does not serve any purpose.
But the most important of all is nothing but understanding the basics of finance, starting with classification of accounts. And this is exactly where homework help comes to the rescue. These services help you with all the classification of accounts homework answers and make sure you have in detail understanding of them all.
Before moving ahead let us learn a little about classification of accounts.
Why Classification of Accounts?
Accounts can be owned by an individual or a company, or the account can be a joint one where legally two or more people are authorised to perform the transactions.
- Which account choice is best for my purpose?
- Should I own it myself or would it be a good idea to consider opening a joint account?
- How will my account function?
There are numerous questions that arise while selecting the account and ‘which one to choose’ is the biggest of them all. Classification of accounts helps a person to understand the purpose of the accounts individually and hence make the right choice. These accounts are set for the long duration and knowing about them in advance proves beneficial in the long run.
What are the Classifications of Accounts?
The accounts are basically of 3 main types as mentioned below:
- Personal Accounts
- Real Accounts
- Nominal accounts
Below are the brief descriptions of the account types.
- Personal Accounts: Accounts owned by individuals or firm are called as personal accounts. These are further classified as below.
- Natural Person Account: Accounts owned by human beings
- Artificial Person Account: Account owned by a company or a firm.
- Representative Personal Account: Account owned by a group of people.
- Real Accounts: The accounts whose value can be measured in terms of These are further classified as below.
- Tangible: These involve all the things that can be measured. For example, a stock account.
- Intangible: These involve the things that cannot be measured. For example, a patent.
- Nominal Account: The accounts involving all the incomes and expenditures.
This is just a summary of the classification of account. There are numerous materials which suggest classifying the accounts the whole other way. Below are few other ways that an account can be classified into.
Other Ways You Could Classify the Accounts:
- Individual: Only one person performs transactions through this account.
- Joint: Two or more people are authorised to perform transactions on this account
- Corporate: Anauthorised set of individuals can trade in an account of a corporation.
- Partnership: This is an unincorporated association of two or more people.
- Fiduciary or Custodial: In this, an individual other than the owner is authorised to perform the transactions instead of owner.
This is again a short version of classification of accounts. The experts have in-depth knowledge of the entire subject.
Why should you choose Classification of Accounts Homework Answers?
The above-mentioned classification of Accounts is just the tip of an iceberg. The concept goes much deeper than that. There are numerous other ways an account could be classified. The understanding of all this is provided at Classification of Accounts Homework Answers.
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The life of a finance student is complicated as it is. There are deadlines every other day which one needs to adhere to. If not, it will impact their grades. And it is not just one subject that is to be covered. There is an array of difficult subjects that have whole other level of concepts which are equally, or even more, difficult.
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