A. retained earnings B. patent C. salary expense D. accumulated depreciation E. service revenue F. more than one of the above is correct The Debiting of Salaries Payable in the above Journal Entry removes the Salary Payable Liability on the Balance Sheet. nominal accounts. If you fail to identify an account correctly as either a real, personal or nominal account, in most cases, you will get end up recording incorrect journal entries. A. retained earnings B. patent C. salary expense D. accumulated depreciation E. service revenue F. more than one of the above is correct

Nominal Accounts are accounts related and associated to losses, expenses, income or gains. Real account is then classified in two subcategories – Intangible real account, Tangible real account. Posted on 21 בJuly 2019 20 בAugust 2019. what is the exact difference between personal, real and nominal accounts? Every company doesn’t need to maintain salaries payable account because some companies pay their employees at the end of every month, so in that situation, there is no liability present at the end of the month. Answer is D "Real Account" Justification. c. is $39,900 and would be recorded on the right side of the account. This classification is based on the nature of accounts i.e. Classification of account ?????

There are mainly three types of accounts in accounting: Real, Personal and Nominal accounts, personal accounts are classified into three subcategories: Artificial, Natural, and Representative. Salary is a Nominal Account & appers in the P&L A/c. The salary expense account is a nominal account and closes in the profit & loss statement. Real Accounts Also, three different sub-types of Personal account are Natural, Representative and Artificial. represent any tangible asset. Unearned ravenue is liability account as revenue is not yet earned but cash received. Unearned ravenue is liability account as revenue is not yet earned but cash received. The final outcome of nominal account is either profit or loss which is then ultimately transferred to the capital account. Asked in Business Accounting and Bookkeeping, Accounts Payable Is unearned revenue a nominal account ? Problem: Which of the following accounts would be classified as a nominal account and have a normal balance of a credit? nominal accounts. Salary payable is a liability account keeping the balance of all the outstanding wages. 1. Permanent accounts refer to asset, liability, and capital accounts -- those that are reported in the balance … Salary payable is a liability account keeping the balance of all the outstanding wages. The rule for Nominal accounts is: The different types of accounts are Real, Personal and Nominal Account. so it is not classified as nominal account.

while salary payable is a personal account & appears under current Liabilities. expense or loss and gain or income.

d. is $11,700 and would be recorded on the left side of the account. Dividends payable are dividends that a company's board of directors has declared to be payable to its shareholders.Until such time as the company actually pays the shareholders, the cash amount of the dividend is recorded within a dividends payable account as a current liability.. For example, on March 1, the board of directors of ABC International declares a $1 dividend to the holders …

Ask for details ; Follow Report by Saapatil 04.01.2019 Log in to add a comment What do you need to know? b. is $39,900 and would be recorded on the left side of the account. Classification of Accounts Personal Accounts : Accounts which are related to individuals, firms, companies, co-operative societies, banks, financial institutions are known as personal accounts. Prepaid Expenses are Assets. Real Accounts. Examples of nominal accounts are Purchase A/c, Sales A.c, Salary A/c etc.The final result of all nominal accounts is either profit or loss which is the transferred to the capital account. salary advance also is a personal account & appears under Current asssets : Loans & Advances These accounts are also known as fictitious accounts as they do not. A separate account is maintained for each head or. There is a Salaries Expense Debit entry because, during the ACTUAL disbursal of Salaries, there may be a certain amount of Salary that has accrued but has NOT been reflected in the Salaries Payable. The balance of this account a. is $11,700 and would be recorded on the right side of the account. The two types of accounts are very similar in the way they are recorded but it is important to differentiate between accounts payable vs accounts receivable because one of them is an asset account …