Question

Accounts are broadly classified into ______.

• A. Real
• B. Personal
• C. Nominal
• D. All of the above

Answer 1

Answer: (D)

All of the above

Accounts are classified in personal, real and nominal account depending upon the nature of account. All these three account have their own rule for recording the transaction. Ram's account is a personal account, Goods account is a real account and any expenses account is a nominal account.