Question
At the end of the accounting year, all the nominal
accounts of the ledger book are:Solution
At the end of the accounting year, nominal accounts, which include income, expenses, gains, and losses, are closed by transferring their balances to the profit and loss account. This process is essential to determine the net profit or loss for the accounting period. Once these balances are transferred, the nominal accounts are reset to zero and are not carried forward to the next accounting period.
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