What is real and nominal accounts explain with examples?

Answer

Answer-

A. Real acounts -

A real account is an account consisting of only assets and liabilities.

Examples of it are -

Land account ,building account ,plant and machinery account etc.

B.Nominal accounts -

A nominal account is the account consisting of incomes and expenses forming part because of business activities.

Examples of it are -

Salary account ,wages account etc.

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