From the list of accounts below, determine whether the account would be a nominal account or a real account.
-Office Equipment
A) nominal account
B) real account

Question

Quizplus · Accepted Answer

Office Equipment is a real account as it represents the tangible asset owned by the business. Real accounts are accounts that represent assets, liabilities, or equity and are permanent in nature. Nominal accounts, on the other hand, are accounts that represent expenses, revenues, gains, and losses and are temporary in nature.

From the List of Accounts Below, Determine Whether the Account