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What do you mean by an account types of account definasion |
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Answer» Answer: Definitions of Account In accounting, an account is a RECORD in the general LEDGER that is used to sort and store transactions. For example, companies will have a Cash account in which to record EVERY transaction that increases or decreases the COMPANY's cash There are mainly three types of accounts in accounting: Real, Personal and Nominal accounts, personal accounts are CLASSIFIED into three subcategories: Artificial, Natural, and Representative. |
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