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classification-SP

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › classification-SP

  • This topic has 1 reply, 2 voices, and was last updated 11 months ago by Kim Smith.
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  • July 26, 2021 at 2:08 am #629416
    Noah098
    • Topics: 936
    • Replies: 352
    • ☆☆☆☆☆

    “Agree the breakdown of finished goods, work?in?progress and raw materials disclosed in the financial statements to the account codes within the nominal ledger.”

    Q1-ma’am why will we record assets, like inventories, in nominal account? Would not they go in Real account? General ledger is meant for SPL transactions(income and expenses I mean).

    Q2- what is the difference between personal account and real account? I know its an F3 level doubt, but plsssssss if you don’t mind answering maam…

    Q3- maam i don’t quite get this procedure, can you explain its application in real life with an example if possible?

    July 26, 2021 at 8:22 am #629449
    Kim Smith
    Keymaster
    • Topics: 87
    • Replies: 6089
    • ☆☆☆☆☆

    Are you confusing words “nominal” “real” as used in the context of interest rates?

    In accounting there is one “general” ledger – which historically was called the “nominal” ledger – the old term is still used not not so much.

    There is no such thing as “real” account.

    “Personal” accounts are generally used for unincorporated business – sole traders and partnerships – for separating out from business transactions those which are the owners’/proprietors’/partners’.

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