A typical example of a real account is?

Assessment: JAMB UTME - Principles of Accounts - 2011 Subject: Financial Accounting

Question 1 Report

A typical example of a real account is?
Answer Details
A typical example of a real account is a plant account. A real account is a type of account in accounting that deals with assets and liabilities that have a physical existence, such as buildings, equipment, and inventory. A plant account, which represents the cost of a company's machinery and equipment, is an example of a real account because it is a physical asset with a real value. Other examples of real accounts include land, vehicles, buildings, and inventory. In contrast, nominal accounts deal with revenue, expenses, and gains or losses, while personal accounts represent individuals and entities that a business interacts with.

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning