1) How many types of business transaction are there in accounting?
2) Explain the real and nominal account with example ?
3) Which accounting plateform have you worked on?
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Answers
Answer:
1).In business, there are four main types of financial transactions, and they include sales, purchases, receipts, and payments. All financial transactions that occur have an effect on at least two accounts, depending on the type of transaction. One account will increase in value, while the second account decreases.
2). A real account in a business is a record of the amount of asset, liability, or owners' equity at a precise moment in time. Nominal accounts summarize a business's revenue and expenses over a period of time, such as a year.
3).I have used QuickBooks, which I like for the simple user interface, speed, and accuracy. However, my proficiency lies in NetSuite and Zoho. I've used those programs to to create balance sheets and financial statements
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Explanation:
ans1 . In business, there are four main types of financial transactions, and they include sales, purchases, receipts, and payments. All financial transactions that occur have an effect on at least two accounts, depending on the type of transaction. One account will increase in value, while the second account decreases.
ans2.A real account is an account that retains and rolls forward its ending balance at the end of the year. These amounts then become the beginning balances in the next period. The areas in the balance sheet in which real accounts are found are assets, liabilities, and equity. Examples of real accounts are: ... Accounts payable.
The entire purpose of a nominal account is to track the revenue and expenses for a company so that the net profit or net loss for a specific period can be calculated. Examples of nominal accounts are service revenue, sales revenue, wages expense, utilities expense, supplies expense, and interest expense..
ans3.I have used QuickBooks, which I like for the simple user interface, speed, and accuracy. However, my proficiency lies in NetSuite and Zoho. I've used those programs to to create balance sheets and financial statements.