What are the various examples of nominal real and personal accounts?


Quick Answer

Nominal accounts are accounts that relate to the incomes and expenses of a business entity such as the wages account and the office expenses account. Real accounts are accounts that represent both tangible and intangible assets such as the machinery account. Personal accounts relate to living and non living persons.

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Full Answer

Personal accounts are categorized into natural person's personal accounts, artificial person's personal accounts and representative person's personal accounts. Natural person's personal accounts belong to human beings, such as the Brody Plumbing account, while artificial person's personal accounts relate to companies and other legal entities, such as charitable organizations accounts. Representative accounts represent specific persons, such as the advance expense account.

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