The elements or accounts which represent expenses, losses, incomes, gains. Any element or account head used in an organisational accounting system would belong to one of these types. It should be either a personal account or real account or a nominal account.No element can fall under two types.ccounting System-Minimum Accounting Heads. Whatever may be the number of accounting heads/elements an organisational accounting is divided into, it should/will contain all the three types of accounts i.e. Real a/c's, Nominal a/c's and Personal a/c's.