From the List of Accounts Below, Determine Whether the Account

question 154

Multiple Choice

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

• A) nominal account
• B) real account

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Definitions:

Sign-In Sheet

A document used to record the arrival of individuals at a specific location or event, often for security or attendance tracking purposes.

Staff Meetings

Regularly scheduled gatherings where employees and management discuss progress, share information, and coordinate activities within an organization.

Salary

A fixed amount of wages paid to an employee on a regular basis for a prescribed period of time, for example, weekly or monthly.

Fixed Amount

A specific, unchanging sum of money that is agreed upon for transactions, payments, or financial obligations.