explain the classifacitoin of accounts with example
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The accounts related to incomes, gains, expenses and losses are classified as nominal accounts. Examples of nominal accounts include sales account, purchases account, wages account, salaries account, interest account, rent account, gain on sale of fixed assets account and loss on sale of fixed assets account etc.
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The meaning of velocity of an object can be defined as the rate of change of the object’s position with respect to a frame of reference and time. It might sound complicated but velocity is basically speeding in a specific direction. It is a vector quantity, which means we need both magnitude (speed) and direction to define velocity. The SI unit of it is meter per second (ms-1). If there is a change in magnitude or the direction in the velocity of a body the body is said to be accelerating.