Nominal accounts are closed out at the end of the accounting period whereas personal accounts and real

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Nominal accounts are closed out at the end of the accounting period whereas personal accounts and real accounts are carried forward to the next accounting period. Why?

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Financial Accounting For Managers

ISBN: 9789352868339

3rd Edition

Authors: Sanjay Dhamija

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Question Posted: Dec 05, 2023 03:00 AM

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Nominal accounts are closed out at the end of the accounting period whereas personal accounts and real

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Nominal accounts are temporary accounts that capture revenues expenses gains and losses for a specif...View the full answer

Financial Accounting For Managers

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