What is a real account?
Understand the Problem
The question is asking for the definition or explanation of a 'real account' in a particular context, which could relate to finance, accounting, or a different field. We might need to clarify the context further to provide a precise answer.
Answer
A real account
The final answer is a real account.
Answer for screen readers
The final answer is a real account.
More Information
Real accounts, also known as permanent accounts, include balance sheet accounts such as assets, liabilities, and equity. They do not close at the end of the accounting period; instead, their balances are carried over to the next period.
Tips
A common mistake is confusing real accounts with nominal (temporary) accounts, which are closed at the end of each accounting period. Remember that real accounts carry their balances forward.
Sources
- Real accounts vs Nominal accounts | Lesson & Examples - Study.com - study.com
- What Are Real Accounts? | Overview, Types, & Examples - Patriot Software - patriotsoftware.com
- Real account definition - AccountingTools - accountingtools.com
