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Is purchases comes under nominal account or Real Account?
Purchase and sales are comes under Real account. Why because as per real account what comes in debit and what goes out credit that is this one is related to property
Is cash account real account?
yes cash account is a real account cause it wll not come under persanal account ( consist of bank and peoples account) and not a nominal account( consist of incomes and expenses)
Is capital account a real account?
No, the capital account is not considered a real account. It is classified as a personal account, as it represents the owner's equity or interest in a business. Real accounts, on the other hand, pertain to tangible assets and liabilities, such as cash, inventory, and property. The capital account reflects the financial position and contributions of the owner's investments rather than physical items.
Is capital account is real account or nominal account?
Real Account
Is a brokerage account real property or personal property?
A brokerage account is considered personal property, not real property. Personal property refers to movable assets that are not attached to land or buildings, while real property pertains to land and anything permanently affixed to it. The securities and cash held within a brokerage account are classified as personal property because they can be bought, sold, or transferred independently of real estate.
Is the balance in the firms checking account a real asset?
No, the balance in a firm's checking account is not considered a real asset; it is classified as a financial asset. Real assets are tangible or intangible items that have intrinsic value, such as property, equipment, or natural resources. In contrast, the checking account balance represents liquid funds that can be used for transactions but does not possess intrinsic value itself.
Is Debbie Allens twitter account under the name of msdebbieallen she is NOT verified but claims to be her so wondered?
Yes, this appears to be her real Twitter account.
Is debtor account a real account?
Yes, it is a real account
Is rent received a real account?
Rent received is not classified as a real account; it is considered a nominal account. Real accounts pertain to assets, liabilities, and equity, while nominal accounts relate to income, expenses, gains, and losses. Rent received represents income for a specific period and is recorded in the income statement, reflecting the company's earnings rather than an asset or liability.
Is supplies a real account?
Supplies are typically considered a current asset on a company's balance sheet and are classified as a real account. Real accounts represent tangible assets that exist independently of transactions, such as cash, inventory, and property. Supplies, which are items used in the course of business operations, fit this definition as they are physical goods that the company owns.
Is Sales Account nominal or real account?
real accounts
Why real account is called real account?
Because these are the only accounts which have real existance like cash account and bank account other accounts are just in books of accounts and no real physical existance.
