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Is drawings account is Nominal or Personal account?
Drawings Account is a Nominal Account. Nominal accounts record liabilities, expenses, revenues, capital and drawing. Examples of nominal accounts are loan account, sales account, commission received account, salaries account, rent account, capital account, drawings account etc.
Is capital account is real account or nominal account?
Real Account
Is capital reserve a nominal account or real account?
yes
What things come under nominal account?
All the expenses and incomes are recorded in nominal accounts, whether capital or revnue nature
Is drawing ac is nominal account?
yes, drawing account is a nominal account.
Is drawings account is Nominal or Personal account?
Drawings Account is a Nominal Account. Nominal accounts record liabilities, expenses, revenues, capital and drawing. Examples of nominal accounts are loan account, sales account, commission received account, salaries account, rent account, capital account, drawings account etc.
Is capital account is real account or nominal account?
Real Account
Is capital reserve a nominal account or real account?
yes
What things come under nominal account?
All the expenses and incomes are recorded in nominal accounts, whether capital or revnue nature
Is Prepaid expenses considered a nominal account?
Yes, prepaid expenses should be a nominal account. Prepaid expenses are not assigned to a particular organization, but rather a category.
Is drawing ac is nominal account?
yes, drawing account is a nominal account.
Is depreciation account nominal account?
yes ! it comes under nominal account !!
Is suspense account is a nominal account?
Nominal accounts are closed at the end of each accounting year. In that sense, surely Suspense Account is a Nominal Account.
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
Is suspense account a nominal account?
Not necessarily. It can be of any type. Real, Personal or Nominal.
Is depreciation real or nominal account?
It is a real contra account. The nominal account associated with depreciation is depreciation expense.
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.
