Question

difference between nominal account and representative account​

Answer 1

Explanation:

Nominal accounts are typically associated with the income statement, and so are used to record revenues, expenses, gains, and losses. ... Real accounts are typically associated with the balance sheet, and so are used to record assets, liabilities, and equity.

Answer 2

Real accounts are those reported in the balance sheet, which is the summary of the assets, liabilities, and owners' equities of a business. ... Nominal accounts are those reported in the income statement, which is the summary of the revenue and expenses of a business for a period of time.

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