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The realization account is a nominal account. It is used to record the income and expenses associated with the liquidation of a business, reflecting gains or losses from the sale of assets during the winding up process. Nominal accounts are temporary and are closed at the end of an accounting period, transferring their balances to the profit and loss account.
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 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 Sales Account nominal or real account?
real accounts
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 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 Sales Account nominal or real account?
real accounts
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
Is inventory a nominal account?
real
Is capital reserve a nominal account or real account?
yes
Definition of nominal real and personal accounts?
A nominal real account represents incomes, gains, expenses, and losses. A personal account represents a person's and organization's expenses.
