Question:
_____________ relate to the names of individuals, firms, companies, banks, and co-operative societies, etc.
_____________ relate to the names of individuals, firms, companies, banks, and co-operative societies, etc.
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Personal accounts include natural persons, artificial persons, and representative accounts.
Updated On: Mar 27, 2026
- Personal Accounts
- Real Accounts
- Nominal Accounts
- Fictitious Accounts
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The Correct Option is A
Solution and Explanation
Step 1: Understanding account types.
Accounts are classified into personal, real, and nominal accounts.
Step 2: Definition.
Personal accounts relate to individuals, firms, companies, banks, and institutions.
Step 3: Evaluating options.
- (A): Correct. Covers individuals and organizations.
- (B): Relates to assets.
- (C): Relates to expenses and incomes.
- (D): Not a standard classification here.
Step 4: Conclusion.
Thus, the correct answer is personal accounts.
Final Answer:} Personal Accounts.
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