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A. SamuelContent Manager, Masters in Marketing and accounting, Florida
Content Manager, Masters in Marketing and accounting, Florida
Answered on Jul 11, 2019
Nominal accounts are also called temporary or provisional accounts, and they are marked as the account types that ascertain the net profit and loss on the balance sheets. The exact accounts are also known as permanent accounts, and they are kept open throughout a year, as it’s balanced are carried forward to the next accounting year. Minimal accounts are closed and filed away at years end. Real or exact accounts are not closed at the end of an accounting period. Real accounts contain statements such as incomes, gains, expenses, and losses.