Question
Which of the following is a real (or permanent)
account?Solution
Real accounts are balance sheet accounts (Asset, Liability, Equity) that are not closed at the end of the accounting period; their balances are carried forward. Accounts Payable is a liability account. Nominal accounts (A, B, D) are income statement accounts (Revenue, Expense, Gain, Loss) that are closed to retained earnings at period-end.
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