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What is a personality disorder?
Real Account
Another term for permanent account in accounting, referring to accounts that are not closed at the end of the accounting period and carry their ending balance into the next period.
Nominal Account
A nominal account is a temporary financial account that shows the incomes, gains, expenses, or losses over an accounting period, and is reset to zero at the beginning of each new period.
Income Statement
A financial statement that shows a company's revenues and expenses over a specific period, culminating in net income or loss.
Balance Sheet
A statement of finances that shows the assets, liabilities, and equity of shareholders of a corporation at a certain moment.
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