REAL ACCOUNTS Definition

Bookmark and Share

REAL ACCOUNTS, also called permanent accounts, are the accounts; asset, liability, reserve and capital; whose balances are not canceled out at the end of an accounting period, but are carried over to the next period. These accounts appear on the post-closing trial balance and the statement of condition (balance sheet).

Learn new Accounting Terms

ZERO-RATED SALES is when a sale is taxable at the rate of 0%, i.e. no sales tax. Some examples could be: basic groceries, prescription drugs or certain medical devices.

IAAA is Inter-American Accounting Association.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.