what is classifying in terms of accounting

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Classifying refers to identifying and separating accounts into different categories like real, personal, nominal or assets, liabilities, incomes and expenses. This is necessary so that the rules of debit and credit can be correctly applied.

Answer:

Classifying refers to identifying and separating accounts into different categories like real, personal, nominal or assets, liabilities, incomes and expenses. This is necessary so that the rules of debit and credit can be correctly applied.

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