Question

_____________ relate to the names of individuals, firms, companies, banks, and co-operative societies, etc.

• A. Personal Accounts
• B. Real Accounts
• C. Nominal Accounts
• D. Fictitious Accounts

Hint:

Personal accounts include natural persons, artificial persons, and representative accounts.

Answer 1

The Correct Option is A

Topic: Traditional Classification of Accounts
Step 1: Understanding the Question:
Identify which of the three golden rules of accounting categories refers specifically to "persons" (natural or legal).
Step 2: Detailed Explanation:
1. Personal Accounts: Represent humans (John), firms (ABC Ltd), or representative groups (Outstanding Salary).
2. Real Accounts: Represent assets and property (Cash, Building).
3. Nominal Accounts: Represent expenses, losses, incomes, and gains.
Step 3: Final Answer:
Since individuals and firms are "persons" in the eyes of the law/accounting, they belong to Personal Accounts.
Final Answer: Personal Accounts.