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Loan account is a personal account in nature so increase with debit and decrease with credit.
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Is suspense account a nominal account?
Not necessarily. It can be of any type. Real, Personal or Nominal.
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
Is retained earnings a real account?
It is not a personal a/c, nor a nominal account, alike cash it is real a/c.
What are three golden rules of accounting explain them in detail?
Real account personal account nominal account
Is liability is a real account?
It may be real account or personal account depending upon the type of liabilities. it can however never be a nominal account
Is suspense account a nominal account?
Not necessarily. It can be of any type. Real, Personal or Nominal.
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
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.
Is retained earnings a real account?
It is not a personal a/c, nor a nominal account, alike cash it is real a/c.
What are three golden rules of accounting explain them in detail?
Real account personal account nominal account
Is liability is a real account?
It may be real account or personal account depending upon the type of liabilities. it can however never be a nominal account
What is the meaning of nominal account and real account and personal account?
The account related to the individual firm , company,and institution is called personal account. THE account related to the things or properties of business organisation whose valuation can be done in terms of cash is called real account. the account related to the income , expenses,profit and gain is called nominal account. .
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
Liabilities is real accounts or nominal accounts?
nominal account.
