July 2023 1 4 Report
Classify the following accounts into personal, real and nominal account: loan accounts (Expenses), bank account, machinery account, Julio’s account, stationery account, commission account (Gains), salaries payable account (expenses), rent account (Expenses).
Personal account

Real account

Nominal account


2. Define the following terms:

Assets
Expense
Losses
Revenue
Owner’s equity

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