What is mean by nominal account?
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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. ... It is also known as a temporary account, unlike the balance sheet account ( Asset, Liability, owner's equity), which are permanent accounts.
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A nominal account is an account in which accounting transactions are stored for one fiscal year. ... Nominal accounts are used to collect accounting transaction information for revenue, expense, gain, and loss transactions, all of which appear in the income statement.
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