Question

Accounts relating to income, revenue, gain expenses, and losses are termed as:

Q: Answer-Accounts relating to income, revenue, gain expenses, and losses are termed as:

Accounts relating to income, revenue, expenses, and losses are termed as Nominal Accounts. Nominal accounts are temporary accounts that are used to record the financial performance of a business during a specific accounting period, and their balances are closed at the end of each accounting period to determine the net profit or loss.