Test Your Knowledge - Types of Accounts

Which of the following is a Personal Account?

Bank
Capital
Accounts Payable

Which of the following is a Real Account?

Cash
Rent Expense
Salaries Payable

Nominal accounts typically track:

Assets
Revenue and Expenses
Liabilities

What is the basic rule for Personal Accounts?

Debit the Receiver, Credit the Giver
Debit all Expenses, Credit all Revenues
Debit all Assets, Credit all Liabilities

Which account type tracks the value of physical assets?

Nominal Accounts
Personal Accounts
Real Accounts

Which account type is related to expenses like rent, wages, and utility costs?

Personal Accounts
Real Accounts
Nominal Accounts

What does a Real Account usually represent?

Customers or Vendors
Income or Expenses
Physical Assets like Buildings or Cash

Which of these accounts would be closed at the end of the accounting period?

Personal Accounts
Real Accounts
Nominal Accounts

Which account type is usually found in a company's balance sheet?

Real Accounts
Personal Accounts
Nominal Accounts

Which of the following is a Nominal Account?

Accounts Receivable
Rent Income
Land

Test Your Knowledge - You have 10 questions!