What are Artificial Personal Accounts? Give one example. - Vidyadip

Question

What are Artificial Personal Accounts? Give one example.

✓

Answer

These accounts do not have physical existence as human beings but they work as personal accounts. For example, any Firm's account.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "1 Marks Question" from Recording of Transactions - 1→Recording of Transactions - 1 — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

If the accounting information is not clearly presented, which of the qualitative characteristic of the accounting information is violated?

What is date of maturity of a bill of exchange?

Journalise the following transaction in the books of Rajni:
Geeta's acceptance of ₹ 20,000 which had been discounted with the bank for ₹ 19,500 has been returned by the Bank dishonoured. Noting charges paid by Bank ₹ 25.

Revenue must be recognised when it is realised and expenses are recognised when incurred.

Give two advantages of a Journal.

Mr. Dinanath who owed us 350,000 became insolvent and paid only 40% of this amount. What is term used for the amount not received?

Promissory Note requires the acceptance. Comment.

What is Journalising?

A debit balance always signifies a balance in the Assets Account. Is it correct?

State one limitation of historical cost.