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What else can I help you with?
Is depreciation real or nominal account?
It is a real contra account. The nominal account associated with depreciation is depreciation expense.
Is accumulated depreciation real or nominal account?
It is a real contra account. The nominal account associated with depreciation is depreciation expense.
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
Is preliminary expense comes under other assets in banking companies accounts?
is preliminary expense comes under other assests in banking company accounts
When do you expense an asset?
preliminary expense is the expense for fitting the asset or similar works, so this expenses capitalized.... and is called fixed asset
Does payroll Expense have a credit or debit account?
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.
What is journal entry of preliminary expenses?
preliminary expenses account debit to cash account (if the amount has been paid in cash)
What account types is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account type is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
Is the drawings account an expense account?
The Drawings account is not an expense account. It is a contra equity account. Therefore, it appears on the balance sheet.
Is rent expense a real or nominal account?
Rent expense is a nominal account. Nominal accounts represent revenues, expenses, gains, and losses, and they are closed at the end of an accounting period to retained earnings. In contrast, real accounts (or permanent accounts) carry their balances over to the next period. Since rent expense reflects costs incurred during a specific period, it is classified as a nominal account.
