Which of the following are closed at the end of an accounting period?
A. Nominal accounts
B. Personal accounts
C. Real accounts
D. None of them
Answer: Option A
Solution(By Examveda Team)
Nominal accounts in accounting are the temporary accounts, Revenue or Expense are transferred to profit and loss account and closed at the end of each accounting year.Join The Discussion
Comments ( 1 )
Related Questions on Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
kindly inform reason for Nominal account.