what is nominal account give me example ??
Answers
Answered by
4
What is nominal account.... Give example.....
The entire purpose of a nominal account is to track the revenue and expenses for a company so that the net profit or net loss for a specific period can be calculated. Examples of nominal accounts are service revenue, sales revenue, wages expense, utilities expense, supplies expense, and interest expense.
Answered by
22
Answer:
What is Nominal Account Give an Example?
✒Nominal accounts are temporary accounts businesses use to record income, gains, expenditures and losses over a specific accounting period of time.
✒The entire purpose of a nominal account is to track the revenue and expenses for a company so that the net profit or net loss for a specific period can be calculated.
Examples:-
- Service revenue,
- Sales revenue
- Wages expense
- Utilities expense
- Supplies expense
- Interest expense.
Similar questions