Which of the following are nominal account?

Which of the following are nominal account?

Nominal Accounts are accounts related to and associated with losses, expenses, income, or gains. Examples include a purchase account, sales account, salary A/C, commission A/C, etc. The outcome of a nominal account is either profit or loss, which is then ultimately transferred to the capital account.

What are the 3 nominal accounts?

Nominal accounts are also called temporary accounts. Temporary or nominal accounts include revenue, expense, and gain and loss accounts.

Which is not a nominal account?

Option a) Outstanding Salaries A/C is the only account which is not a nominal account in the question. This is a balance sheet item and can be categorized under Personal Accounts.

Whats a nominal account?

Nominal accounts are used to keep track of financial transactions over a set period of time, usually a year. They begin with a zero balance and are closed at the end of each accounting year. This makes it easy to see the financial transactions for just that period.

Which of the following is by a nominal?

Expert-verified answer Option C: Bad Debts account is a nominal account. Explanation: Nominal accounts are the temporary type of accounts, like the income statement accounts. The report revenues or expenses or gains which are closed at the end of each accounting year are the nominal accounts.