Question

Firm's accounts, limited companies accounts, educational institutions accounts, co-operative society are example of _____________.

• A. Artificial or legal persons personal account
• B. Natural persons personal account
• C. Representative personal accounts
• D. Any of the above

Answer 1

The correct option is A Artificial or legal persons personal account

Accounts recording transactions with a person or group of persons are known as personal accounts. These accounts are necessary, in particular, to record credit transactions. Personal accounts are of three types: Natural, Artificial and Representative accounts.

An account recording financial transactions with an artificial person created by law or otherwise is termed as an artificial persons' personal account. For e.g. Firms' account, limited companies' accounts, educational institutions' accounts, etc.