Math, asked by Anonymous, 9 months ago

what is nominal account give me example ??​

Answers

Answered by Anonymous
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 Anonymous
22

Answer:

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What is Nominal Account Give an Example?

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✒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.

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