Question

Accounts relating to income, revenue, gain expenses, and

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.

losses are termed as:

A Real Accounts

B Personal Accounts

C Nominal Accounts

D Artificial Personal Accounts

E None of above

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Accounts relating to income, revenue, gain expenses, and

Solution