4.7 - Types of Accounts
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
What type of account is a cash account?
💡 Hint: Think about what a cash account represents.
In a personal account, who is debited?
💡 Hint: Remember the rule for personal accounts.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What type of account is a machinery account?
💡 Hint: Remember, real accounts relate to physical assets.
Nominal accounts are used to record which type of activity?
💡 Hint: Think about profit and loss tracking.
2 more questions available
Challenge Problems
Push your limits with advanced challenges
A company purchases a new vehicle for their deliveries. Identify and explain the accounting treatment of this transaction in terms of account types.
💡 Hint: Consider how the transaction affects the assets.
A service company pays its utility bills. How this transaction would reflect in accounts? Identify types and the rules applied.
💡 Hint: Focus on the expenses incurred and the accounting rules that apply.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.