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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

What are real accounts? What are nominal accounts? Give examples of each.

To determine

Explain the meaning of real accounts and nominal accounts with examples.

Explanation

Real accounts: The accounts which are not closed at the end of fiscal period, but the balances are retained and carried forward to next fiscal period are referred to as real accounts or permanent accounts. All assets, liabilities, and capital accounts are real accounts

Examples: Accounts Receivable (asset), Cash (asset), Inventory (asset), Accounts Payable (liability), Wages Payable (liability), Notes Payable (liability), and Capital accounts are few examples of real accounts...

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