Question: What are real accounts What are nominal accounts Give examples
What are real accounts? What are nominal accounts? Give examples of each.
Answer to relevant QuestionsWhat is the purpose of the post- closing trial balance? What is the difference between a trial balance and a post- closing trial balance? What are interim financial statements? Why would a business want to prepare them?Identify whether the following accounts would be included on a post-closing trialbalance.After the accountant posted the adjusting entries for M. Wally, Designer, the work sheet contained the following account balances on May 31:Required 1. Write the owner’s name on the Capital and Drawing T accounts. 2. ...What are internal controls designed to do?
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