Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 19 - No. 17)
What are the two main categories of accounts found in the ledger?
Assets and Liabilities
Nominal and Real
Debit and Credit
Revenue and Expenses
Explanation
Nominal accounts (revenue, expenses, and dividends) are closed at the end of the accounting period, and real accounts (assets, liabilities, and equity) are carried forward.
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