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Nominal accounts are related to |
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Answer» Accounts relating to income, revenue, GAIN, expenses and losses are termed as nominal accounts. ... A separate account is MAINTAINED for each head or expense or loss and gain or income. WAGES account, Rent account, Commission accounts are some examples of nominal accounts.The entire purpose of a nominal account is to track the revenue and expenses for a company so that the net profit or net loss for a specific period can be calculated. Example of nominal accounts are service revenue, sales revenue, wage expense, UTILITIES expense, commission, supplies expense, and INTEREST expense. |
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