Is Income Summary A Nominal Account, A Real Account Or A Personal Account?
I ncome Summary Account is not a real account or a permanent account as it is closed to capital account in case of sole proprietorship and partnership and to retained earnings in case of company w hile real accou nts are transferred to b ala nce s heet. I ncome summary account is also not a personal account as it is not related wit h natural or living persons. Yes, I ncome Summary is a N ominal Account as it is a temporary account w hich is fi nally closed to capital account or retained earnings account. So, i ncome summary account is a nominal account and not a real account and a personal account.