Accounting WAEC

Accounts can be classified into?

A. cash and credit transactions
B. cash and credit accounts
C. personal and private account
D. personal and impersonal account

Correct Answer: Option D

D. personal and impersonal account

Explanation

A personal account is an account for use by an individual for that person’s own needs. A few examples of personal accounts include debtors, creditors, banks, outstanding/prepaid accounts, accounts of credit customers, accounts of goods suppliers, capital, drawings, etc.

impersonal accounts: Accounts which are not held in the name of the persons or are directly related to the customers or suppliers of business. a. Real Accounts, e.g. Asset Account; and, 2. Nominal Accounts, e.g. Income and Expenditure Accounts.

Sunday

Recent Posts

List of Universities Offering Veterinary Medicine in Nigeria

Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…

4 months ago

List of Universities Offering Anthropology in Nigeria

Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…

4 months ago

List of Universities Offering Sociology in Nigeria

Sociology is the scientific study of human society, culture, and behavior. It examines the social…

4 months ago

List of Universities Offering Social Work in Nigeria

Social Work is a profession dedicated to helping individuals, families, and communities to cope with…

4 months ago

List of Universities Offering Religious Studies in Nigeria

Religious studies is an academic discipline that explores the beliefs, practices, and history of various…

4 months ago

List of Universities Offering Public Administration in Nigeria

Public administration is the field of study and practice that focuses on the organization and…

4 months ago