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What is real account? |
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Answer» Real Accounts: These are the accounts of all the assets and liabilities of the organization. We do not close these accounts at the end of the accounting year and appear in the Balance Sheet. Thus, we carry forward the balances of these accounts to the next accounting year. Therefore, we can also say that these are permanent accounts. The accounts of all those things whose value can be measured in terms of money and which are properties of all business are termed Real Accounts such as Cash Account, Furniture Account. |
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