Accounting · Types of Accounts
Identify the incorrect statement from the following choices regarding traditional accounting principles.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The credit side shows the cumulative reductions or claims in accounts.
- 2A loan account is categorized as a personal account.
- 3A drawings account is categorized as a real account.✓
- 4Commission received is categorized as a nominal account.
Correct answer
A drawings account is categorized as a real account.
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