GeekInterview.com
   Home |  Tech FAQ  |   Interview Questions |  Placement Papers |  Tech Articles |  Learn |  Freelance Projects |  Online Testing |  Geeks Talk |  Job Postings |  Knowledge Base | Site Search |  Add/Ask Question

GeekInterview.com  >  Interview Questions  >  Accounting  >  General Ledger
Go To First  |  Previous Question  |  Next Question 
 General Ledger  |  Question 34 of 53    Print  
What is the difference between nominal, real and personal accounts

  
Total Answers and Comments: 2 Last Update: September 07, 2007     Asked by: KH 
  
 Sponsored Links

 
 Best Rated Answer

No best answer available. Please pick the good answer available or submit your answer.
June 20, 2007 07:53:51   #1  
deepa        

RE: What is the difference between nominal, real and p...
Accounts of assets is called Real Accounts.

Accounts of persons or institutions is called Personal Account.

Accounts of expenses/losses, incomes/gains is called Nominal Account.

 
Is this answer useful? Yes | No
September 07, 2007 13:48:37   #2  
megha survase        

RE: What is the difference between nominal, real and p...
Nominal a/c is related with expense/losses & income/gain where real a/c is with asset (cash,building,goodwill etc)/accounts of properties/ possessions of the buisnessman. And personal a/c's are account of individuals, firms, ltd companies, local authorities, associations with whom the buisnessman deals.
 
Is this answer useful? Yes | No

 Related Questions

Latest Answer : a ledger represents collection of accounts.there are 3 ledgers viz,1.debtors/AR ledger2.creditors/AP ledger and3.General Ledgerthus ledger includes general ledger ...
Read Answers (11) | Asked by : ferozbm

1)invoice approval work flow2)invoice validations3)invoice accounting4)auto invoice in Accounts pay ables5)Legacy P.O's conversions6)legacy Invoice's conversions7)Autoaccounting,autocash rule set8)HOw many set of books attach to one legal entity9)many set of books attach to one operating unit10)Expense invoice11)Recurring Invoice12)Budget's13)After permanently closed period. in the same period how to pass transactions.14)we passed one invoice with 90 days payments term but we paid
View Question | Asked by : devender

Latest Answer : group coa isa corporate level glsbasically used at consolidation level these coa will be viewed by the directors of the corporate comapny with diffrent gl numbers otherthan operative coa and country spcific coa these gl nos should not be over laped ...

Latest Answer : Both Letter of Credit and Letter of Guarantee are commitment to payment by the issuer of the instrument (generally a Bank). In letter of credit, the issuer has to fulfill his commitment on fulfilling the terms and conditions of the letter of credit by ...
Read Answers (1) | Asked by : faruk

Latest Answer : Single Entry is an incomplete record of book keeping Whereas Duble Entry is an complete record of book keeping. ...
Read Answers (2) | Asked by : chethana

Latest Answer : Nominal a/c is related with expense/losses & income/gain where real a/c is with asset (cash,building,goodwill etc)/accounts of properties/ possessions of the buisnessman. And personal a/c's are account of individuals, firms, ltd companies, local authorities, ...
Read Answers (2) | Asked by : KH

If 2 companies are there, they have maintained separate chart of accounts, how can you consolidate their activities?
Read Answers (1) | Asked by : parasuram

What is the difference between direct expenses and indirect expensesWhat is the difference in direct income and indirect income. Explain with example.
Read Answers (2) | Asked by : pankaj

What is the effect of not reconciling the expense accounts?If there is a credit adjustment in the expense account with no supporting documentations, what is the financial statement impact?
Read Answers (1) | Asked by : Patrice

If your Accounts receivable balance in the general ledger has a debit balance of $110 and your sub ledger has a debit balance of $100 what do you have to do 
Latest Answer : we need to pass a rectification entry in subsidary ledger for $10... ...
Read Answers (1) | Asked by : kapriceb


 Sponsored Links

 
Related Articles

How ERP Improves General Ledger Capacity

How ERP Improves General Ledger Capacity Flexibility quickness and efficiency are the pillars and needs of the modern organization In order to fulfill all the requirements that the market imposes ERP has become an useful utility The general ledger tasks are nowadays one of the most important activit
 

What is difference between call by value and call by reference in function?

The arguments passed to function can be of two types 1. Values passed 2. Address passed The first type refers to call by value and the second type refers to call by reference. For instance consider program1 main() { int x=50, y=70; interchange(x,y); printf(“x=%d y=%d”,x,
 

The Interview Snafu

How to turn someone else’s mistake to your advantage Your dream job is about to become reality. A recruiter gave you the heads up about the perfect position at Humungous Conglomerate, Inc. You went through five interviews as well as a battery of psychological tests mandated by their HR de
 

Winning a Job Interview with a Winning Resume

Does your resume unlock your potential, take your skills to the highest level and win you the interview and the job you want now? The job market today is highly competitive and even if you think you have what it takes to get an interview you won’t get over the line without a polished, prof
 

Using NLP for Personal Development

Using NLP for Personal Development Introduction Organizations today seek employees that are multi talented Prospective candidates have to exhibit characteristics such as technical expertise leadership skills initiative and enthusiasm communication skills confidence and self motivation Technical prof
 

Importance of Proper English during Job Interview

Importance of Proper English during Job Interview Your job interview is crucially important and it will determine whether or not you will get the job Depending on the type of job you re going for it is very important for you to use proper English In most cases jobs which offer higher salaries will h
 

Difference between Scholarship and Grant

Difference between Scholarship and Grant While both scholarships and grants allow students to pay for their tuition without having to pay the money back there are a number of key differences between the two Knowing the difference between grants and scholarship will make it much easier for students t
 

HR Interview - HR Interview Mistakes You Will Want To Avoid

HR Interview Mistakes You Will Want To Avoid The job interview can be a stressful process This is especially true for those who are going after a competitive position Your nonverbal communication combined with the answers you give during the interview will determine if you are hired mosgoogle While
 

HR Interview - Behavioral HR Interviews

Behavioral HR Interviews As the name implies a behavioral interview is an interview that is held by a human resources department to determine if an applicant has the behaviors that are appropriate for a job The company must know how an applicant will behave in a certain situations mosgoogle The logi
 

HR Interview - How To Prepare For Your HR Interview

How To Prepare For Your HR Interview Before you begin thinking about how you are going to dress for the interview it is important to do your research first You should learn everything you can about the company you wish to work for When you have detailed information about your employer you will conve
 





About Us  |   Privacy Policy  |   Terms and Conditions  |   Contact  |   Site Map  |   Add Question  |   Propose Category  |   RSS Feeds  |   Articles Sitemap  |   Site Updates  |   Add Resource

Copyright © 2005 - 2008 GeekInterview.com. All Rights Reserved
Page copy protected against web site content infringement by Copyscape