Multiple choice

Nominal accounts are related to

  1. expenses, losses and incomes

  2. debtors and creditors

  3. assets and liabilities

  4. contingent liabilities
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Nominal accounts in accounting are the temporary accounts, such as the income statement accounts. In other words, nominal accounts are the accounts that report revenues, expenses, gains and losses.

Keep practicing — related questions