Question

________ type of account related to expenses and incomes, losses and gains. (Fill in the blank)

Answer 1

MF (Mutual Funds) Is the account which Sometimes Can Make you rich or sometimes Loss

Answer 2

Answer:

Nominal account

Explanation:

The type of account related to expenses and incomes, losses and gains are called the nominal accounts.

Nominal accounts are accounts linked to losses, expenditures, earnings or the gains. The nominal account is an account of expenses, income, loss, profit and is also known as a temporary account unlike a balance sheet account that includes the permanent account of the asset, liability and the owner's equity.

Examples of nominal accounts include the sale and purchase account, salary A/C, commission A/C etc. The final outcome of a nominal account is either the profit or a loss which is then transferred to the capital account.