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Question 11 of 31

Q.Real account deals with :

(a) Assets
(b) Individual persons
(c) Incomes and gains
(d) Expenses and losses
Puducherry TnboardTamil Nadu HSC First Year (DGE) Commerce Board 2022MCQ· 1mImportance★★★★★
35% · 11/31 Questions
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A real account deals with assets and properties — option (a).

Traditional classification of accounts:

  • Personal accounts — accounts of persons/firms/institutions (individual persons, debtors, creditors). Rule: Debit the receiver, credit the giver.
  • Real accounts — accounts of assets and properties (cash, building, machinery, goods). Rule: Debit what comes in, credit what goes out. …

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