Accounts can be classified into two main categories: personal accounts and impersonal accounts.
1. Personal accounts: These accounts are used to record transactions related to individuals, firms, or companies. Personal accounts can be further classified into two types:
- Natural personal accounts: These accounts are related to individuals, such as customers, suppliers, employees, and owners.
- Artificial personal accounts: These accounts are related to firms or companies, such as banks, insurance companies, and government organizations.
2. Impersonal accounts: These accounts are used to record transactions that do not involve any individual or firm. Impersonal accounts can be further classified into three types:
- Real accounts: These accounts are related to assets, such as property, plant, and equipment, as well as liabilities and capital.
- Nominal accounts: These accounts are related to expenses, revenues, gains, and losses.
- Representative personal accounts: These accounts are used to record transactions related to a group or category of individuals, such as sales, purchases, and returns.
Therefore, the correct option among the given choices is "personal and impersonal account."