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Is Sales Account nominal or real account?
real accounts
Is account sales a nominal account?
no sales is not a nominal account. because nominal account says" debit all expenses and credit all income and gain account. " all things which are tangible is call real account. u can touch the goods which are going to sale. Sale is nominal account as sale generally have some element of profit. This is the good reason to treat the sale as nominal account.
Why some authors says that sales are nominal account?
no sales is not a nominal account. because nominal account says" debit all expenses and credit all income and gain account. " all things which are tangible is call real account. u can touch the goods..Land and Buildings; and Office Machinery A nominal account is account for income and expenses e.g Rent and rates account or subscription account.
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 depreciation real or nominal account?
It is a real contra account. The nominal account associated with depreciation is depreciation expense.
Is capital account is real account or nominal account?
Real Account
Is accumulated depreciation real or nominal account?
It is a real contra account. The nominal account associated with depreciation is depreciation expense.
Is suspense account a nominal account?
Not necessarily. It can be of any type. Real, Personal or Nominal.
Liabilities is real accounts or nominal accounts?
nominal account.
Is revaluation account a real account?
yes
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
Is unearned revenue nominal account?
no!! =) its a real account
