πŸ“’ Too many exams? Don’t know which one suits you best? Book Your Free Expert πŸ‘‰ call Now!

  • google app store apple app store
  • βœ–

      Question

      Accounts relating to income, revenue, gain expenses, and

      losses are termed as:
      A Real Accounts Correct Answer Incorrect Answer
      B Personal Accounts Correct Answer Incorrect Answer
      C Nominal Accounts Correct Answer Incorrect Answer
      D Artificial Personal Accounts Correct Answer Incorrect Answer
      E None of above Correct Answer Incorrect Answer

      Solution

      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.

      Practice Next
      ask-question