what is nominal account
Answers
Answered by
1
Answer:
A personal account is an account for use by an individual for that person's own needs. It is a relative term to differentiate them from those accounts for business or corporate use.
Answered by
0
Answer:
What is a Nominal Account?
A nominal account is an account in which accounting transactions are stored for one fiscal year. At the end of the fiscal year, the balances in these accounts are transferred into permanent accounts. Doing so resets the balances in the nominal accounts to zero, and prepares them to accept a new set of transactions in the next fiscal year. Nominal accounts are used to collect accounting transaction information for the following types of transactions, all of which appear in the income statement:
Similar questions