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 payab le b y the compa ny to qualified audit firms or qualified c h artered accountants, w h o already conducting t he audit of its b ooks of accou nts and financial statements for t h e accounting period b ut still the compa ny did not paid to t h em. Outstanding audit fees is also not a real account as it is related wit h certai n persons to w ho the compa ny is liab le to pay for the period. Yes, outsta nding audit fees is a Representative Personal Account as t he compa ny is liab le to pay to certai n qualified auditors for co nducting t he audit works. So the accou nt wit h th e title “Outsta nding Audit Fees ” is created to represe nt all of t he certa in qualified auditors to w hom the compa ny is liab le to pay. So, audit fees is a perso nal account and not a real or nominal account.