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| 1. |
DefinePersonal accountsReal accountsNominal accounts |
| Answer» Nominal Accounts are accounts related and associated to losses, expenses, income or gains. The nominal account is income statement account (expenses, income, loss, profit) and is also known as temporary account unlike balance sheet account ( Asset, Liability, owner\'s equity) which are permanent account. A Personal account is a General ledger account connected to all persons like individuals, firms and associations. A Nominal account is a General ledger account pertaining to all income, expenses, losses and gains. | |