However, the sole proprietor’s drawing account, which is reported on the balance sheet during the year, is a temporary account because it is closed directly to the owner’s capital account at the end of the year. Related Questions What is a nominal account in accounting? What is a ...
2. Briefly explain the debits and credit. 3. How is an account balanced? 4. What is credit balance? 5. What is debit balance? 6. What are real accounts? 7. Distinguish between real account and real account. 8. What are the nominal accounts? 9. Examine the differences in the balances...
the difference between nominal and real GDP is that nominal GDP measures the economic output of a country using current market prices, and real GDP takes inflation into account to create a more accurate measure.
Areal interest rateis the interest rate that is added to the projected rate of inflation to provide the nominal interest rate. Put simply, this interest rate provides insight into the actual return received by a lender or investor after a rate of inflation is acknowledged. This type of rate ...
What does the term liquidity mean? What are nominal accounts? Define or describe the following: Contra account. What does a T-account look like? What is the definition of unadjusted trial balance? What is the difference between an account and a ledger?
A NerdWallet account is the smartest way to see the latest financial news and what it means for your wallet. Download the App Do all workers earn at least the minimum wage? All workers covered by the Fair Labor Standards Act must be paid at least the federal minimum wage and may earn mo...
What is a temporary account? What is the accounting entry to close the sole proprietorship drawing account? What is the difference between an adjunct account and a contra account? What is the difference between a nominal account and a real account? Is the drawing account a capital account...
Identifying the nominal value is often helpful in that it serves as the basis for calculating the real value of an asset. For example, assuming that an asset sold for $500.00 US dollars (USD) in 1995, and has not undergone, it would be possible to adjust that figure by allowing for inf...
1. Determine IOLTA Account Rules by State IOLTA account regulations differ across states, each having its own unique rules on how legal professionals manage client funds. These variations encompass aspects such as reporting requirements, the handling of nominal or short-term funds, and the specific ...
Also, what is nominal flexural strength of this beam? assumeCb=1,Fy=50 ksi?(2%) e)Explain the secondary moment effects in beam-columns.(2%) f)If the thinnest connected part in a welded connection is12in,what is the