Define the Real Account , Nominal Account , Financial Account?
A Real Account is a Balance sheet account that is carried forward into the next year. It is a proprietary account.
A Nominal Account is an Income statement account (revenue and expense) that is closed out at the end of the year.
A financial account is either a real a/c or a nominal a/c, in fact it is any account that is found in the General Ledger, although this term is rarely used. Financial statements on the other hand are prepared from info and data from your a/cg system which includes the GL. They usually comprise the balance sheet, income statement, cash flow statement, statement of changes in equity and the note to the financial statements.
pl. open an account first.
REAL ACC:The account you don't show the revenue dep.
NOMINAL ACC:The account you show the revenue dep.
FINANCIAL ACC:The account you show the public for selling your share.
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