WAEC - Accounts Principles Of Accounts (2014 - No. 16)

Which of the following accounts would appear in the nominal ledger? i. Sanison's account(a debtor) ii. Motor vehicle account iii. Sales account iv. Rent and rates account

i, ii and iii only

i, iii and iv only

ii, iii and iv only

iii and iv only

Explanation

Examples of nominal accounts include purchase account, sales account, salary A/C, commission A/C etc. The nominal account is income statement account(expenses, income, loss, profit) and is also known as temporary account unlike balance sheet account ( Asset, Liability, owner's equity) which are permanent account.

WAEC - Accounts Principles Of Accounts (2014 - No. 16)

Explanation

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