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1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

The office rent account can be further classified as which type of account?

Nominal account

Expense account

Personal account

Real account

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Understand the classification of accounts in Financial Accounting: Accounts are generally classified into three types - Personal accounts, Real accounts, and Nominal accounts.

Personal accounts relate to individuals, firms, or organizations. Examples include accounts of creditors, debtors, and capital accounts.

Real accounts pertain to tangible and intangible assets. Examples include machinery, buildings, patents, and trademarks.

Nominal accounts deal with income, expenses, losses, and gains. Examples include rent, salaries, and interest paid or received.

Since the office rent account represents an expense incurred by the business, it falls under the category of Nominal accounts, specifically as an Expense account.