Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A difference between real accounts and nominal accounts is that A . Real accounts are listed in the income statement; nominal accounts are listed in

A difference between real accounts and nominal accounts is that
A.
Real accounts are listed in the income statement; nominal accounts are listed in the balance sheet.
B.
Nominal accounts are used for intangible assets; real accounts are used for tangible assets.
C.
Real accounts may carry forward a nonzero balance from one accounting period to the next.
D.
Reversing entries affect only real accounts.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management For Public Health And Not For Profit Organizations

Authors: Steven A. Finkler

3rd Edition

0136070736, 978-0136070733

More Books

Students also viewed these Accounting questions

Question

Are t-tests or Z-tests used more often in business research? Why?

Answered: 1 week ago