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What is Nominal and Real Account Adjustments about?
The document discusses nominal/temporary and real accounts used in accounting. Nominal/temporary accounts include income statement accounts like revenues, expenses, and cost of goods sold. Real accounts include balance sheet accounts like assets, liabilities, and equity. Net assets equal total equity. The second document provides an example trial balance with debit and credit columns showing account balances.
- Author
- Tine
- Language
- EN