From the List of Accounts Below, Determine Whether the Account

question 18

Multiple Choice

From the list of accounts below, determine whether the account would be a nominal account or a real account.
-Unearned Revenue

• A) nominal account
• B) real account

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Definitions:

Estimated Warranty Liability

A financial provision for the expected future costs of repairing or replacing products under warranty.

Warranty Expense

Costs that a company expects to incur under its product warranty promises for repairing or replacing defective products sold.

Employer's Payroll Taxes Expenses

Employer's payroll taxes expenses refer to the taxes that employers are required to pay on behalf of their employees, including social security, Medicare taxes, and federal and state unemployment taxes.

FICA Tax

Federal Insurance Contributions Act tax, a U.S. payroll tax deducted to fund the Social Security and Medicare programs.