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JAMB Principles of Accounts 2010 Question 3

Question 3

Double Entry and the Ledger

Ledger account is mainly classified into

  1. A.nominal, real and personal accounts
  2. B.fixed and current accounts
  3. C.management, financial and public sector accounting
  4. D.bank and cash accounts.
Show the answer and explanation

Answer: A (nominal, real and personal accounts)

Explanation

Ledger accounts are personal (people), real (assets) or nominal (income and expenses).