CBSE · Class 11 · Accountancy · Recording of Transactions - IWhat type of account is the 'Bank Account'?
Step-by-Step Solution
A Bank Account represents a specific person or institution (like State Bank of India), hence it is classified as a Personal Account.
Detailed Options Breakdown
Option : Real Account
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Recording of Transactions - I.
Option 1: Personal Account (Correct Answer)
Correct choice. Refer to the step-by-step verified solution guidelines above for details.
Option 2: Nominal Account
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Recording of Transactions - I.
Option 3: Fictitious Account
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Recording of Transactions - I.
💡 Study Guide: This question tests core syllabus concepts from Recording of Transactions - I. For formulas, key summaries, and mock exam reference guides, read the full Recording of Transactions - I Revision Notes.