What are Impersonal accounts
What are Impersonal accounts and how it is classified?
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Impersonal accounts: All accounts that are not personal are termed as impersonal accounts. This can be classified into sub part.
(a) Real Account: Real account illustrates the assets.
(b) Nominal Account: Nominal accounts are of expenditures and income. All expenses and income are converted to nominal account.
Revenue: The amount (sum) of money which a company really receives throughout a specific period, comprising discounts and deductions for the returned merchandise. This is the "top line" or "annual income" figure from which costs are subtracted to find
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