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Which of the following is a real account?
- a)Building A/c
- b)Capital A/c
- c)Rent A/c
- d)All these.
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Which of the following is a real account?a)Building A/cb)Capital A/cc)...
There are mainly three types of accounts:
i) Real
ii) Personal and
iii) Nominal accounts.
i) Real
ii) Personal and
iii) Nominal accounts.
All assets of a firm, which are tangible or intangible, fall under the category "Real accounts".
Tangible real accounts are related to those things that can be touched and physically felt. Few examples of tangible real accounts are buildings, machinery, stock, land, etc.
Intangible real accounts are those which can't be touched and physically felt. Few examples of intangible real accounts are trademarks, patents, goodwill, etc.
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Which of the following is a real account?a)Building A/cb)Capital A/cc)...
Real Account: - A real account is a general ledger account that does not close at the end of the accounting year. In other words, the balances in the real accounts are carried over to become the beginning balances of the next accounting period. Real accounts are also referred to as permanent accounts
Buildings is a noncurrent or long-term asset account which shows the cost of a building (excluding the cost of the land). Buildings will be depreciated over their useful lives by debiting the income statement account Depreciation Expense and crediting the balance sheet account Accumulated Depreciation.
Any kind of assets which is either tangible (for example: land, stock, building, etc.) or intangible (for example: goodwill, copyrights, patents, etc.) are categorized into Real Account. Debit what's come in and Credit what goes out.
Thank You.
Buildings is a noncurrent or long-term asset account which shows the cost of a building (excluding the cost of the land). Buildings will be depreciated over their useful lives by debiting the income statement account Depreciation Expense and crediting the balance sheet account Accumulated Depreciation.
Any kind of assets which is either tangible (for example: land, stock, building, etc.) or intangible (for example: goodwill, copyrights, patents, etc.) are categorized into Real Account. Debit what's come in and Credit what goes out.
Thank You.
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Which of the following is a real account?a)Building A/cb)Capital A/cc)Rent A/cd)All these.Correct answer is option 'A'. Can you explain this answer?
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