Some of the following accounts are real (permanent) accounts, and some are nomin

Question

Some of the following accounts are real (permanent) accounts, and some are nominal (temporary) accounts. Which are which?

Capital Stock   Unearned Revenues

Revenues   Income Summary

Accumulated Depreciation Equipment

Salaries Expense   Prepaid Rent   

Accounts Payable   Interest Payable   

Dividends Retained Earnings

Supplies Loan Payable

Rent Expense

Accounts Payable Equipment

Long-term Receivable From Employee Revenues

Dividends   Prepaid Rent

Capital Stock Interest Payable

Patent   Retained Earnings (beginning)

Supplies Loan Payable (due in 5 years)

Explanation / Answer

Real Account =Element of whichreflects tangible amount Nominal Account =account which represents expense, loss, income gain Personal A/c=account which represent personorganisation Capital Stock -Real Account Unearned Revenues Revenues    -Nominal Account Income Summary -Nominal Account Accumulated Depreciation -Nominal Account Equipment -Real Account Salaries Expense        -Nominal Account Prepaid Rent -Personal Account Accounts Payable        -Personal Account Interest Payable    -Personal Account Dividends -Nominal Account Retained Earnings -Personal Account Supplies    -Real Account Loan Payable    -Personal Account Rent Expense -Real Account Accounts Payable -Personal Account   Equipment -Real Account Long-term Receivable From Employee -Personal Account Revenues -Nominal Account Patent    -Real Account Retained Earnings (beginning) -Personal Account Supplies -Real Account Loan Payable (due in 5 years) -Personal Account

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