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Nominal Accounts are income statement accounts and include revenue, gain, expense & loss accounts. The balances of these accounts are closed as a rule to a summary account at the end of each fiscal year to determine the net income for the period and are included in retained earnings. The numbers in the nominal accounts will portray the performance or results of operations of a company for a particular period.
Real Accounts are balance sheet accounts, which include assets and liabilities. The numbers in these accounts disclose the company's financial position: everything the company owns and owes.
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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.
What is the difference nominal cash flow and real cash flow?
Difference between real and nominal cash flow is that nominal cash flows uses the inflation information as well for calculation of nominal cash flow of future while real cash flow don't use that information for calculation.
Is revaluation account a real account?
yes
The GDP gap measures the difference between?
nominal GDP and real GDP.
What is the difference between 'real wage' and 'nominal wage'?
blAH BLAH BLHA
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
