Which of the following are Personal Accounts? i. wages ii. debtors ii. creditors iv. buildings

Assessment: WAEC SSCE - Financial Accounting - 2009 (Objective) Subject: Financial Accounting

Question 1 Report

Which of the following are Personal Accounts? i. wages ii. debtors ii. creditors iv. buildings
Answer Details
Personal accounts are accounts that represent individuals, organizations, or groups. Based on this definition, wages and buildings are not personal accounts as they do not represent individuals or organizations. On the other hand, debtors and creditors are personal accounts as they represent individuals and organizations with whom the business has financial transactions. Therefore, the correct answer is option (ii) and (iii) only.
Read lesson note on Nature And Significance Of Accounting (JAMB)
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