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Study with Quizlet and memorize flashcards containing terms like Cash, Accounts Receivable, Supplies and more. Fresh features from the #1 AI-enhanced learning platform. Try it free
A difference between real accounts and nominal accounts is that Click the card to flip 👆 real accounts may carry forward a nonzero balance from one accounting period to the next
Test. Match. Study with Quizlet and memorize flashcards containing terms like Accounts Payable, Accounts Receivable, Accrued Expenses and more.
Nominal accounts and real accounts are two types of accounts used in accounting to categorize different types of transactions. Nominal accounts, also known as temporary accounts, are used to record revenues, expenses, gains, and losses.
Real Accounts vs Nominal Accounts Quiz. Accounting. 5 completions. 100 % (3) Generated by AI. 1. Which type of account is NOT closed at the end of the accounting period? Neither Real nor Nominal Accounts. Nominal Accounts. Real Accounts. Both Real and Nominal Accounts. 2. Which of the following best describes Real Accounts?
20 wrz 2024 · Short Answer: What is the key difference between real and nominal accounts? Answer: Real accounts are related to assets and are carried forward to the next accounting period, while nominal accounts are related to income and expenses and are closed at the end of the accounting period.
Real accounts, such as assets and liabilities, are permanent accounts that remain on the balance sheet from one period to another, whereas nominal accounts are temporary accounts that are closed at the end of each period.
