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.

This Question Belongs to Commerce >> Accounting

Join The Discussion

Comments ( 1 )

  1. Khushbu Degadwala
    Khushbu Degadwala :
    6 years ago

    kindly inform reason for Nominal account.

Related Questions on Accounting