What is an account and classification of account ?

Account :- 

  

             It may be defined as a summrised record of all the transactions relating to particular persons , thing and subject which have taken place during a given period of time .

Classifications of account :- 

   

Personal Account :- 

                Account recording transactions relating to Individual are firs / company etc are known as the personal account . 

It may further classified as :- 

       1. Natural person is personal account .

       2. Artificial persons personal account .

       3. Representative persons personal account .

Impersonal Account :-

          No persons are involved . Impersonal Account are two types :- 

             (I) Real account .

             (II) Nominal account .