Real Accounts vs. Nominal Accounts: Definition, Differences & Examples

Instructions:

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question 1 of 3

An account that once opened will always be a part of a company's books is called a(n) _____ account.

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1. An account whose balance zeroes out at the end of an accounting period is called a(n) _____ account.

2. Which of the following is NOT an example of a real account?

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About This Quiz & Worksheet

The differences between real accounts and nominal accounts in a company's record keeping are the primary focus of this quiz. You'll need to be able to spot examples of each type of account to do well on the quiz.

Quiz & Worksheet Goals

Be prepared to answer questions about:

  • Definition of a real account
  • Characteristics of a nominal account
  • Examples of a real account
  • Types of nominal accounts
  • Difference between the two accounts

Skills Practiced

  • Interpreting information - verify you can read information regarding the characteristics of a nominal account and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the types of nominal accounts
  • Distinguishing Differences - compare and contrast topics from the lesson, such as nominal and real accounts

Additional Learning

The lesson that will provide you with additional facts is called Real Accounts vs. Nominal Accounts: Definition, Differences & Examples. This lesson will enable you to:

  • Understand how accounts are classified
  • Describe what makes for a real account
  • Identify where a company's real accounts show up
  • Explain how nominal accounts are recorded in a business
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