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Question

Accounts which relates to assets tangible or intangible are called ________ .

A
Personal a/c
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B
Real a/c
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C
Nominal a/c
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D
Impersonal a/c
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Solution

The correct option is B Real a/c
There are mainly three types of accounts: Real, Personal and Nominal accounts. Personal accounts are classified into three subcategories: Artificial, Natural and Representative. All assets of a firm, which are tangible or intangible, fall under the category "Real Accounts". Tangible real accounts are related to things that can b touched and felt physically, e.g., building, machinery, stock, land, etc. Intangible real accounts are related to things that can't be touched and felt physically, e.g., goodwill, patents, trademarks, etc.

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