This presentation explains the different classes of accounts in detail and provides examples of each account. 

1. Classification
of Accounts
Ms. Nayelie Aragon
Anglican Cathedral College

2. Classification of Accounts
•There is a classification for everything in
accounting.
•From classifying transactions right down to
ledgers and financial statements
•Today we will be learning about classifying
the most basic and essential, accounts.

3. Accounts can be classified
into these categories:
Accounts:
Personal Accounts (permanent)
-Accounts payable
-Accounts receivable
Impersonal Accounts
-Real Accounts (permanent)
-Nominal Accounts (temporary)

4. Personal Accounts
 Represent individuals or an
organization.
 Permanent Accounts which are
not closed at the end of the
accounting period.
Balances are brough forward
(b/f) then they become new
opening balances.

5. Personal Accounts
Accounts payable
People you owe:
Creditors
Accounts receivable
People who owe you:
Debtors

6. Impersonal Accounts
Divided into two categories Real & Nominal Accounts
Real Accounts (Permanent)
Represent assets, liabilities,
and equity
These accounts are not closed
at the end of the month,
similar to personal accounts,
their balances are brought
forward(b/f) and used as new
opening balances.
Nominal Accounts (Temporary)
Include all income and
expenditure accounts, also
called temp accounts.
 these accounts balances are
closed or zeroed out at the end
of each accounting period.

7. Impersonal Accounts
Real Accounts Nominal Accounts
Building
Capital
Motor Car
Sales revenue
Services revenue
Long term loans
Short term loans
Interest expense
Supplies expense
Utilities expense
Wages expense