Wednesday, November 2, 2016

Nominal,Real and Personal Accounts

Nominal account:

Nominal accounts are the accounts that report revenues, expenses, gains, and losses. (The owner's drawing account is also a temporary account, even though it is not an income statement account.) Nominal or temporary accounts are closed at the end of each accounting year.

Real account:
real account is a general ledger account that does not close at the end of the accounting year. In other words, the balances in the real accounts are carried over to become the beginning balances of the next accounting period. Generally, the real accounts are the balance sheet accounts.


Personal accounts:

PERSONAL ACCOUNTS represents money due to or due from a person or group of persons. For example, Accounts Payable - Suppliers is a personal account since this amount is payable to a supplier/suppliers.


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