Question

Define nominal account and mention the rules of debit and credit for nominal account​

Answer 1

• Nominal accounts are also called temporary accounts. Temporary or nominal accounts include revenue, expense, and gain and loss accounts. With nominal accounts, debit the account if your business has an expense or loss. Credit the account if your business needs to record income or gain.

Answer 2

Answer:

Nominal accounts are also called temporary accounts. Temporary or nominal accounts include revenue, expense, and gain and loss accounts. With nominal accounts, debit the account if your business has an expense or loss. Credit the account if your business needs to record income or gain.