What are Nominal Accounts? List accounts consisting the Nominal Account.

What are Nominal Accounts? List accounts consisting the Nominal Account.


Nominal Accounts are the accounts of Incomes, Expenses, Losses and Gains. Nominal Accounts consist of the following types of accounts:

-Insurance Account
-Wages Account
-Interest Paid or Received Account
-Commission Paid or Received Account
-Telephone Expenses Account
-Salary Account
What is the principal of Double Entry system of accounting?
The principal of Double Entry system of Accounting is “Every debit has a corresponding credit” hence the total of all debits has to be equal to the total of all credits.....Advantages of Double Entry system of Accounting...
What is Trial Balance? What does an accurate Trial Balance suggest?
Trial Balance is a summary of all the balances of various ledger accounts and Cash/Book accounts of an organisation....
What is Journalizing? What are the columns of a journal?
Journalizing is the process of recoding business transactions in the Journal in chronological order…
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