In the First Space Below, Indicate Whether Each Account Is

question 34

Essay

In the first space below, indicate whether each account is a real or nominal account using (R) Real Account and (N) Nominal Account. In the second space below, indicate by an (X) if the account should be closed.

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Definitions:

Generate Revenue

The process of creating income for a business through its operations, such as selling goods or providing services.

Managing Director (MD)

The senior-most executive in an organization or business, typically responsible for strategy, decision-making, and day-to-day operations.

Board of Directors

A group of individuals elected by shareholders to oversee the activities and direction of a corporation.