Question

8. Which one of the following
is not a nominal account?​

Answer 1

Answer:

The answer is A) Outstanding Salaries A/C

 

Nominal accounts are accounts which are eventually closed to capital accounts. This account is also known as temporary account because it is closed in the equity (capital) account at year end. This includes expenses and incomes. Outstanding salaries A/C is a liability account and is not closed to equity account at the end of reporting period.

Explanation:

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