WAEC - Accounts Principles Of Accounts (2015 - No. 11)
Discount received account is a
Real account
Personal account
Nominal account
Profit and loss account
Explanation
In accounting, nominal accounts are the general ledger accounts that are closed at the end of each accounting year. As a result, the nominal accounts are also referred to as temporary accounts. The closing process also means that each nominal account will start the next accounting year with a zero balance. Nominal Accounts are accounts related and associated to losses, expenses, income or gains.Examples include purchase account, sales account, salary A/C, commission A/C etc.
Comments (0)
