Outstanding Audit Fees Is A Nominal Account Or A Real Account Or A Personal Account

Accrued Audit Fees / Audit Fees Payable / Outstanding Audit Fees is not a nominal account as it is a fees payable by the company to qualified audit firms or qualified chartered accountants, who already conducting the audit of its books of accounts and financial statements for the accounting period but still the company did not paid to them.

Outstanding audit fees is also not a real account as it is related with certain persons to who the company is liable to pay for the period.

Yes, outstanding audit fees is a Representative Personal Account as the company is liable to pay to certain qualified auditors for conducting the audit works. So the account with the title “Outstanding Audit Fees” is created to represent all of the certain qualified auditors to whom the company is liable to pay.

So, audit fees is a personal account and not a real or nominal account.