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JAMB 2010

Ledger account is mainly classified into?

  1. Anominal, real and personal accounts
  2. Bfixed and current accounts
  3. Cmanagement, financial and public sector accounting
  4. Dbank and cash accounts

Explanation

Ledger accounts are fundamentally classified into three types: Personal accounts (for individuals/organizations), Real accounts (for assets/properties), and Nominal accounts (for expenses, incomes, gains, and losses). This is a core concept in the principles of accounting.

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