Question

________ is account head where types of transactions are identified. (Fill in the blank)

Answer 1

option needed OK.....................

Answer 2

Answer:

Nominal Account

Explanation:

Nominal account is the account head where types of transactions are identified.

A nominal account head is the account that records a business ' economic transactions in a specific category, rather than with a individual or other organisation. Nominal accounts are the accounts that are concerned with the losses, expenditures, earnings or earnings. Examples include account of purchase, sales account, A/C wage, A/C commission, etc. Either profit or loss is the final result of the nominal account which is then transferred to the capital account.