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Question
An account recording transaction with an individual human being is termed as a ___________.
An account recording transaction with an individual human being is termed as a ___________.
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Solution
The correct option is B Natural persons' personal account
There are mainly three types of accounts: Real, Personal and Nominal accounts. Personal accounts are classified into three subcategories: Artificial, Natural, and Representative. Personal accounts are related to individuals, firms, companies, etc. A few examples of personal accounts include debtors, creditors, banks, outstanding/prepaid accounts, accounts of credit customers, accounts of goods suppliers, capital, drawings, etc. Natural personal accounts are the simplest to understand out of all and includes all God's creations who have ability to deal, who, in most cases, are people. E.g. Kumar's A/C, Adam's A/C, etc.
There are mainly three types of accounts: Real, Personal and Nominal accounts. Personal accounts are classified into three subcategories: Artificial, Natural, and Representative.
Personal accounts are related to individuals, firms, companies, etc. A few examples of personal accounts include debtors, creditors, banks, outstanding/prepaid accounts, accounts of credit customers, accounts of goods suppliers, capital, drawings, etc.
Natural personal accounts are the simplest to understand out of all and includes all God's creations who have ability to deal, who, in most cases, are people. E.g. Kumar's A/C, Adam's A/C, etc.
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