Which of the following types of accounts represent assets and properties which can be seen, touched, felt, measured, purchased and sold?

Tangible real accounts

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Intangible real accounts

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Representative personal accounts

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Artificial or legal persons account

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Solution

The correct option is B Tangible real accounts
Accounts relating to properties or assets are known as "Real accounts".
A separate account is maintained for each asset e.g. Cash, Machinery, Building etc.
Real accounts can be further classified into tangible or intangible.

Tangible real accounts are those accounts which represent assets and properties which can be seen, touched, felt, measured, purchased or sold. For e.g. Cash account, Machinery account, Furniture account, etc.

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