Question

State the rule of Nominal Account with example​

Answer 1

Explanation:

dr the expenses or losses

cr the incomes or gains

e.g are sale revenue ,wages expenses atc

Answer 2

the entire purpose of a nominal account is to track the revenue and expenses for a company so that the net profit or net loss for a specific period can be calculated. example of nominal account are service revenue , sales revenue , wages expense , utilities expense etc.

Hope this will help you.