Classification and rules of accounting: Following are the major classification of accounts for the purpose of double entry system of accounting. S. No Type of account Debit Credit 1 Personal accounts The receiver The giver 2 Real accounts What comes in What goes out 3 Nominal accounts All expenses and losses All incomes and gains To determine : The normal balance of accounts

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Answer 1

Question

Chapter 2, Problem 4QS

To determine

Concept Introduction:

Classification and rules of accounting:

Following are the major classification of accounts for the purpose of double entry system of accounting.

S. No Type of account Debit Credit

1 Personal accounts The receiver The giver

2 Real accounts What comes in What goes out

3 Nominal accounts All expenses and losses All incomes and gains

To determine: The normal balance of accounts

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Answer 2

Question

Chapter 2, Problem 4QS

To determine

Concept Introduction:

Classification and rules of accounting:

Following are the major classification of accounts for the purpose of double entry system of accounting.

S. No Type of account Debit Credit

1 Personal accounts The receiver The giver

2 Real accounts What comes in What goes out

3 Nominal accounts All expenses and losses All incomes and gains

To determine: The normal balance of accounts

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 2, Problem 4QS

To determine

Concept Introduction:

Classification and rules of accounting:

Following are the major classification of accounts for the purpose of double entry system of accounting.

S. No Type of account Debit Credit

1 Personal accounts The receiver The giver

2 Real accounts What comes in What goes out

3 Nominal accounts All expenses and losses All incomes and gains

To determine: The normal balance of accounts

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 2, Problem 4QS

To determine

Concept Introduction:

Classification and rules of accounting:

Following are the major classification of accounts for the purpose of double entry system of accounting.

S. No Type of account Debit Credit

1 Personal accounts The receiver The giver

2 Real accounts What comes in What goes out

3 Nominal accounts All expenses and losses All incomes and gains

To determine: The normal balance of accounts

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 2, Problem 4QS

To determine

Concept Introduction:

Classification and rules of accounting:

Following are the major classification of accounts for the purpose of double entry system of accounting.

S. No Type of account Debit Credit

1 Personal accounts The receiver The giver

2 Real accounts What comes in What goes out

3 Nominal accounts All expenses and losses All incomes and gains

To determine: The normal balance of accounts

Answer 6

Chapter 2, Problem 4QS

To determine

Concept Introduction:

Classification and rules of accounting:

Following are the major classification of accounts for the purpose of double entry system of accounting.

S. No Type of account Debit Credit

1 Personal accounts The receiver The giver

2 Real accounts What comes in What goes out

3 Nominal accounts All expenses and losses All incomes and gains

To determine: The normal balance of accounts

Answer 7

Chapter 2, Problem 4QS

To determine

Concept Introduction:

Classification and rules of accounting:

Following are the major classification of accounts for the purpose of double entry system of accounting.

S. No Type of account Debit Credit

1 Personal accounts The receiver The giver

2 Real accounts What comes in What goes out

3 Nominal accounts All expenses and losses All incomes and gains

To determine: The normal balance of accounts

Answer 8

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Answer 11

Ch. 2 - Prob. 1DQ Ch. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQ Ch. 2 - Prob. 4DQ Ch. 2 - Prob. 5DQ Ch. 2 - Prob. 6DQ Ch. 2 - Prob. 7DQ Ch. 2 - Prob. 8DQ Ch. 2 - Prob. 9DQ Ch. 2 - Prob. 10DQ

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Chapter 2 Solutions

S. No	Type of account	Debit	Credit
1	Personal accounts	The receiver	The giver
2	Real accounts	What comes in	What goes out
3	Nominal accounts	All expenses and losses	All incomes and gains