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Question
What is nominal account ?
 Question Submitted By :: Finance
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Nominal account is related with
losses,expenses,income&gain.
rule-Debit all expenses &losses
Credit all income and gains
example-rent a/c, salary a/cetc.
 
Is This Answer Correct ?    168 Yes 11 No
Maitreyee
 
Answer
# 2
Nominal account is related with
losses,expenses,income&gain.
rule-Debit all expenses &losses (rent a/c, postage and
stationary)
Credit all income and gains (sales, dis received, int
received)
 
Is This Answer Correct ?    111 Yes 13 No
Sirisha
 
 
 
Answer
# 3
Debit all expenses &losses
Credit all income and gains
example-rent a/c, salary a/cetc.
 
Is This Answer Correct ?    61 Yes 9 No
Gayathri
 
Answer
# 4
nominal a/c is realted with losses,expenses,income and gain
dr:-repairing,stolen
cr:-purcahse
 
Is This Answer Correct ?    48 Yes 10 No
Ratan Das
 
Answer
# 5
nominal a/c is the a/c in which we calculate income(gains)
expenses(losses)

nominal a/c having following rule:-

Dr. All expenses & losses

Cr. All income & gain
 
Is This Answer Correct ?    40 Yes 5 No
Pradeep Banduni
 
Answer
# 6
rule are nominal a/c-
Debit all expenses &losses
Credit all income and gains
 
Is This Answer Correct ?    29 Yes 1 No
Tapan
 
Answer
# 7
All expenses and losses are debited(for eg.rent,salary etc.
All incomes and gains are credited(for eg.income
received,discount received,free sample.)
 
Is This Answer Correct ?    30 Yes 3 No
Wasim Faruque
 
Answer
# 8
Nominal account is related losses and expenses
income and gain eg.rent payable,salary to staff,postage,
stationary,printing,telephnobe bill,
income (rent recieved,bill recived ,etc)
 
Is This Answer Correct ?    26 Yes 3 No
Suraiya
 
Answer
# 9
nominal a/c is realted with losses,expenses,income and gain
dr:-repairing,stolen
cr:-purcahse

example-rent a/c, salary a/cetc.
 
Is This Answer Correct ?    28 Yes 8 No
Sujay Mandal
 
Answer
# 10
NOMINAL ACCOUNT IS SUMMERY ACCOUNT IS RELATES TO ALL
INCOMES & EXPENDITURE.
FOR EXAMPLE:- INCOME & EXPENDITURE ACCOUNT IS UNDER THIS
ACCOUNT THIS ACCOUNT USABLE FOR LAWYERS & TEACHERS.
 
Is This Answer Correct ?    14 Yes 7 No
Mahesh
 

 
 
 
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