Question

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

Answer 1

Nominal Accounts: Mese accounts do not have any existence, form or shape. They relate to incomes and expenses or gains and losses of a business concern. Salary Account, 'omm issi on Account, Rent Account, Discount Account etc. are examples of nominal accounts.

Answer 2

Answer:

Nominal Accounts are accounts related and associated with losses, expenses, income, or gains. Examples include a purchase account, sales account, salary A/C, commission A/C, etc. The outcome of a nominal account is either profit or loss, which is then ultimately transferred to the capital account.