Classification Of Accounts
- Classification Of Accounts
According to "Modern approach" Accounts are classified into five groups:
*Asset
*Expense
*Revenue
*Liability
*Capital
According to "Traditional approach" Accounts are classified into three groups:
*Real : all the assets except Debtors
*Nominal : all the expenses , incomes , losses, gains.
*Personal : all the accounts of persons, company or firms. these are further classified into three types
**Natural: all the accounts of persons. E.g. debtors, Creditors
**Artificial: all the accounts of a company, a firm,or any other business organization. E.g. Bank, Sharma Traders etc.
**Representative: all the expense O/S or prepaid, revenue in advance or accrued.
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