real and nominal accounts
Ace your homework & exams now with Quizwiz!
Jamie Probst, Drawing
nominal
purchases
nominal
sales
nominal
Jamie Probst, Capital
real
Merchandise Inventory
real
Sales Taxes Payable
real
accounts receivable
real
cash in bank
real
Real account
Asset, liability, and equity accounts; these accounts appear on the balance sheet. Companies do not close real accounts, also called permanent accounts.
Nominal account
Revenue, expense, and dividend accounts; except for dividends, these accounts appear on the income statement also called temporary accounts
