Now in Unit 4 we expand the picture to take in the full
accounting cycle” which culminates in closing the books and
producing financial statements. Discuss the difference between
“nominal” and “real” accounts. Why are they so called? What type of
information is contained in nominal accounts, and what type in real
accounts? Which financial statement contains the information from
nominal accounts, and which contains the information from real
accounts?

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Question: Now in Unit 4 we expand the picture to take in the full “accounting cycle” which culminates in cl…
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