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Classification of accounts

Updated: 9/11/2023
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15y ago

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Account is an individual and a formal record of a person, firm, company, asset, liability, goods, incomes and expenses.

We can classify the accounts as per the traditional classification under the following heads:

Natural Personal Accounts Artificial Personal Accounts Representative Personal Accounts

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Cost Accounting, Management Accounting & Financial Accounting

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Assets Expenses Owner's Equity

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