Real Accounts
Real accounts are permanent financial records that track a company's assets (what it owns), liabilities (what it owes), and owner's equity (the owner's stake in the business). Unlike temporary accounts that reset each year, real accounts carry their balances forward into the next accounting period. Think of them as the long-term memory of a company's financial status. When you see this term on a resume, it shows that the person understands how to manage these ongoing financial records that form the backbone of a company's accounting system.
Examples in Resumes
Maintained Real Accounts and Permanent Accounts for a manufacturing company with over $5M in assets
Reconciled Real Accounts monthly to ensure accurate financial reporting
Trained junior staff on proper management of Real Accounts and Balance Sheet Accounts
Typical job title: "Bookkeepers"
Also try searching for:
Where to Find Bookkeepers
Professional Organizations
Online Communities
Example Interview Questions
Senior Level Questions
Q: How do you handle complex adjustments to real accounts when errors are discovered from previous years?
Expected Answer: A senior accountant should explain the process of making correcting entries, considering tax implications, and updating financial statements while maintaining audit trail and compliance requirements.
Q: How do you ensure the accuracy of real accounts in a large organization with multiple departments?
Expected Answer: Should discuss implementing internal controls, reconciliation procedures, documentation standards, and review processes across departments.
Mid Level Questions
Q: What's the difference between real accounts and nominal accounts?
Expected Answer: Should explain that real accounts are permanent and carry forward (like buildings, equipment, loans) while nominal accounts are temporary and reset annually (like revenue and expenses).
Q: How do you reconcile real accounts with supporting documentation?
Expected Answer: Should describe the process of matching account balances with bank statements, invoices, and other documents, explaining how to investigate and resolve discrepancies.
Junior Level Questions
Q: What are the main types of real accounts?
Expected Answer: Should be able to list and explain assets (things owned), liabilities (amounts owed), and owner's equity (owner's stake in the business).
Q: Why are real accounts called permanent accounts?
Expected Answer: Should explain that these accounts continue from one accounting period to the next, unlike temporary accounts that close at year-end.
Experience Level Indicators
Junior (0-2 years)
- Basic bookkeeping principles
- Data entry and account maintenance
- Simple account reconciliations
- Understanding of basic financial statements
Mid (2-5 years)
- Complex account reconciliations
- Financial statement preparation
- Internal control procedures
- Month-end closing processes
Senior (5+ years)
- Advanced financial analysis
- Team supervision and training
- Process improvement
- Audit preparation and support
Red Flags to Watch For
- Unable to explain basic accounting principles
- No experience with accounting software
- Poor attention to detail in work samples
- Lack of knowledge about account reconciliation
- No understanding of internal controls
Related Terms
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