The account that records expenses gains and losses is

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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.

This Question Belongs to Commerce >> Accounting

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Comments ( 2 )

Kayiwa Simon :

5 years ago

Why norminal accounts
KFUEIT GM :

6 years ago

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

The account that records expenses gains and losses is

The account that records expenses, gains and losses is

Solution(By Examveda Team)

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Comments ( 2 )

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