Answer Each of the Following Questions (A-C)with a Separate Short

question 7

Essay

Answer each of the following questions (a-c)with a separate short paragraph per question.
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(a)What is the difference between a real account and a nominal account? Give an example of each type of account.Why is this distinction important for the closing process?
(b)What two purposes are served in making closing entries?
(c)Why is the Dividends account closed directly to Retained Earnings rather than to the Income Summary account?

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Definitions:

Prostitution

The practice of engaging in sexual activity with someone for payment.

Conduct Disorder (CD)

A mental health disorder diagnosed in childhood or adolescence characterized by persistent patterns of disruptive and violent behavior.

Bullying

A form of aggressive behavior in which someone intentionally and repeatedly causes another person injury or discomfort.

Pellet Gun

A type of airgun or BB gun that shoots metallic pellets, often used for recreation or pest control.