From the List of Accounts Below, Determine Whether the Account

question 27

Multiple Choice

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

• A) nominal account
• B) real account

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Definitions:

Cover

Protection or security provided by an insurance policy; or in finance, to deal with a position by buying or selling securities.

Good Faith

Acting with honesty and sincerity without the intention to defraud or deceive others.

Substituted Goods

Products or items offered in place of the original goods specified in a contract, often acceptable if they meet the contract's terms and intended use.

Mutually Exclusive

A condition where two events cannot both occur at the same time, often used in statistics and probability theory.