Nominal Accounts

Nominal Ledger (General Ledger)
The nominal ledger, also known as the general ledger, contains the nominal accounts and real accounts necessary to prepare the financial statements of an organization. It differs from personal ledgers, such as debtors' and creditors' ledgers, which contain the accounts of customers and suppliers respectively.
Real Accounts
Real accounts refer to ledger accounts used to record property, plant, equipment, and other assets, distinguishing them from nominal accounts which track revenues and expenses.

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