Question

What Are Nominal Accounts? List Accounts Consisting The Nominal Account.​

Answer 1

Answer:

Nominal Account is a sub-division of the 'Impersonal A/Cs' in which we relates to all the expenses , gains , revenue & many more. When it comes to its rule so the rule for nominal account is debit all the losses or expenses and credit all the profits and gain.

A/Cs consisting in it are -

1. Interest A/C

2. Rent A/C

3. Salary A/C ; etc including all the expenses and profit A/Cs.

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Answer 2

• A Nominal account is a General ledger account pertaining to all income, expenses, losses and gains. An example of a Nominal Account is an Interest Account.