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Examveda

The account that records expenses, gains and losses is

A. Personal account

B. Real account

C. Nominal account

D. None of the above

Answer: Option C

Solution(By Examveda Team)

The account that records expenses, gains and losses is Nominal account. A nominal account is an account in which accounting transactions are stored for one fiscal year.

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Comments ( 2 )

  1. Kayiwa Simon
    Kayiwa Simon :
    2 years ago

    Why norminal accounts

  2. KFUEIT GM
    KFUEIT GM :
    3 years ago

    Nominal Accounts show the business particular type of account like profits, revenues, expenses names
    By Gh. Murtaza

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