Homework Answers
Here the permanent account is meant for real and personal account.The temporary account is meant for nominal account.
Real accounts are the accounts which are real in nature,which exist in the balance sheet and are not subject for eliminations at year end.
Nominal accounts are the accounts which are eliminated to income summary at the year end.
Following are permanent accounts-
Cash
Notes payable
Land
Comman stock
Following are temporary accounts-
Revenue
Expenses
Dividend
Please comment for any explanation,
Thanks,
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