For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and whether it is reported on the Balance Sheet, Statement of Retained Earnings, or the Income Statement. Income Statement, Statement of Real/permanent or Accounts Retained Earnings, or Balance nominal/temporary Sheet 1. Accounts Payable [ Select ] [ Select ] 2. Insurance Expense [ Select ] [ Select ] 3. Accounts Receivable [ Select ] [ Select ] 4. Land [ Select ] [ Select ] 5. Cash [ Select ] [ Select ] 6. Dividends [ Select ] [ Select ] 7. Fees Earned Revenue [ Select ] [ Select ] 8. Interest Expense [ Select ] [ Select ] 9. Unearned Rent Revenue [ Select ] [ Select ] 10. Prepaid Rent [ Select ] [ Select ] | > > > > | >
For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and whether it is reported on the Balance Sheet, Statement of Retained Earnings, or the Income Statement. Income Statement, Statement of Real/permanent or Accounts Retained Earnings, or Balance nominal/temporary Sheet 1. Accounts Payable [ Select ] [ Select ] 2. Insurance Expense [ Select ] [ Select ] 3. Accounts Receivable [ Select ] [ Select ] 4. Land [ Select ] [ Select ] 5. Cash [ Select ] [ Select ] 6. Dividends [ Select ] [ Select ] 7. Fees Earned Revenue [ Select ] [ Select ] 8. Interest Expense [ Select ] [ Select ] 9. Unearned Rent Revenue [ Select ] [ Select ] 10. Prepaid Rent [ Select ] [ Select ] | > > > > | >
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 13GI
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Real or permanent account has permanent balance and has to be shown in balance sheet.
Nominal or temporary account has temporary balance which is to be closed at the end of year to other accounts.
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