8. What is the meaning of depreciation to the accountant? 12. What is the difference between a real account and a nominal account? 13. What two purposes are served in making closing entries? 14. Why...

8. What is the meaning of depreciation to the accountant?

12. What is the difference between a real account and a nominal account?

13. What two purposes are served in making closing entries?

14. Why is the Dividends account closed directly to Retained Earnings rather than to the Income Summary account?