What is the Difference between Real Accont and Nominal
Account?
- 16 Answers
- 58524 Views
- GE, KPMG, I also Faced
- E-Mail Answers
Answer Posted / rajni bansal
Real Account: It mainly includes two things tangible and
intangible assests.tangible assest are those which can be
touch or seen e.g.building,machinery etc.and intangible
assest are those that cannot be touch or seen
e.g.goodwill,patents ,trademarks etc.The rule of real
account is Debit what comes in Credit what goes out.
Nominal account- In this account we include all expenses and
losses e.g. Bad debts,salary,rent etc
The rule of nominal account ig Debit all expenses and losses
Credit all incomes and gains
If we add the word prefix and suffix to the nominal account
than that becomes a personal account e.g outstanding
salary,prepaid salary,prepaid rent etc and this is called
as a personal account.
| Is This Answer Correct ? | 41 Yes | 3 No |
Post New Answer View All Answers
Dear Sir/Madam, Executive Trainee...Finance I had been called for NTPC Group discussion and GD please guide me for getting success in GD and interview...
difference betwwen the 4.6 & 4.7 ecc versions
Could u show me the sample TDS Document / Template
what is book profit
how to calculate stt
How can i get GR form (GR No.) for Exports ? please give me a link of website with steps ?
Raju put labour charges bill for Rs 65000/- You are directed to deduct 5% security deposit and 1.15% TDS from the bill. Pass journal entry for it
what is a Depository Participant?
What goals do you have in your career
in a every intervew asking one common question why you are living current employer, which is the best answer
I want to become CFA so kindly provide me all information regarding this like fees structure,colleges in mumbai,duration etc.
define accounting,scope of account , types of account ?
outstanding expenses, prepaid or unexpired expenses
business sepsarate entity concepts
why you would like to work for the our(AIRLINE) Group ???
