What are Impersonal accounts
What are Impersonal accounts and how it is classified?
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Impersonal accounts: All accounts that are not personal are termed as impersonal accounts. This can be classified into sub part.
(a) Real Account: Real account illustrates the assets.
(b) Nominal Account: Nominal accounts are of expenditures and income. All expenses and income are converted to nominal account.
The following information for the month of December 20x6, with respect to cash activities, was gathered by Tressa Ltd.’s bookkeeper. Cash balance per books, December 1 $ 3,700 Q : Current and capital account deficit Exhibit 3.3 states that in year 1991, the U.S. had current account deficit and consecutively a capital account deficit. Explain about how this may occur?
Exhibit 3.3 states that in year 1991, the U.S. had current account deficit and consecutively a capital account deficit. Explain about how this may occur?
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