Question

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

Answer 1

Nominal account is an account in which expenses,losses,incomes,gains are recorded in the books of acconts of the business.

1.Balance sheet

2. Revaluation account

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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.