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The account that records expenses gains and losses is

This question belongs to Commerce Accounting
Accounting
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The account that records expenses, gains and losses is

Answer & Solution
Correct Answer: Option C
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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2 Comments
Kayiwa Simon
Kayiwa Simon 7 years ago
Why norminal accounts
KFUEIT GM
KFUEIT GM 8 years ago
Nominal Accounts show the business particular type of account like profits, revenues, expenses names
By Gh. Murtaza
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