CLASSIFICATION OF ACCOUNTS : LSUS
FINANCIAL ACCOUNTING SSS1 SECOND TERM
WEEK 7
CLASSIFICATION OF ACCOUNTS
Performance Objectives
Students should be able to:
- What is an account
- Explain, giving two examples each, the following types of account
- Nominal account
- Real account
- Personal account
Contents
An account is a ledger record, in a summarized form, of all transactions that have taken place with a particular person.
An account can also be defined as a history of all transactions of similar nature. It is usual to keep separate accounts for each class of asset, liability, income and expense relating to a business.
Classification of Accounts
All accounts fall into one.... View More
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- Chapters 6
- Category SSS1
- Author ClassNotes Edu
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