Difference among personal or real account or nominal account
What is the difference among personal or real account and nominal account?
Expert
The total business transactions are classified into three. They are as illustrated:
• Transactions associated to persons • Transactions associated to Things • Transactions associated to incomes and expenditures In accountancy we have three kinds of accounts they are: personal, real and nominal.
The personal account refers to all the transactions associated to the natural persons, artificial persons and representative person’s example: Rama, Ravi, XYZ bank, outstanding rent.
A) First category of transactions fits in to the personal accounts
Rule: A real account comprises things in the business that is possessions.
Debit the receiver and then credit the provider.
B) Second category of transactions associated to: Real accounts example: machinery, buildings, cash and so on.
Rule: Debit that comes in and credit and what goes out
C) The Nominal accounts comprise all the transactions associated to the expenditures, incomes, losses and gains. Example: rent received, rent paid, bad debts, and gain on sale of an asset.
Rule: Debit of all expenses and losses and credit all incomes and gains.
Describe four categories of occupational crime.
How many kinds of fixed asset are there in accounting? What are they?
Intangible assets: It is the asset that is not visible however we can feel them. The main examples of these assets are goodwill, patent and trade marks.
Discuss about the different ways in which the political events in the host country affects the local operations of MNC.
A legal process that allows a debtor, either a person or a business, to redundant some or all of the debt. The normal process involves selling asset and using the proceeds to pay off creditors in an order and/or in an amount determined by a judge. Some types of bankru
Assets are those resources that the business owns. Assets are the things of value owned which enable the firm to get cash or befit in future. There are mainly two types of assets: - Current assets & Fixed assets for e.g. cash, f
Banks find it essential in order to accommodate their client’s requirements for buying or selling foreign exchange forward, in several instances for the hedging purposes. How the bank can eliminate the exposure of the currency it has made for itself by acc
Discuss the Vernon’s product life-cycle theory of the FDI. Specify the strength and weakness of theory?
Which of the following adjustments is an example of an accrual adjustment? an asset/expense adjustment involving depreciation an asset/expense adjustment involving insurance a liability/expense adjustment involving utility expenses a liability/revenue adjustment involving unearned revenues
Why host country resist cross-border acquisitions, instead of the green field investments? Explain your point of view?
18,76,764
Questions Asked
21,311
Experts
9,67,568
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!