Account is divided in following three types:
1. Personal account
2. Real account
3. Nominal account
1. Personal account: Any individual person or
any firms or any company or a bank is considered in a personal account.
2. Real account: Account of any physical things.
The cash account or goods account are examples of real account.
3. Nominal account: Account of any
invisible things that means that things are in terms of cash. For example:
insurance account, rent account etc.