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What is nominal account ?

Answers were Sorted based on User's Feedback



What is nominal account ?..

Answer / maitreyee

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 ?    170 Yes 11 No

What is nominal account ?..

Answer / sirisha

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 ?    112 Yes 13 No

What is nominal account ?..

Answer / gayathri

Debit all expenses &losses
Credit all income and gains
example-rent a/c, salary a/cetc.

Is This Answer Correct ?    61 Yes 9 No

What is nominal account ?..

Answer / ratan das

nominal a/c is realted with losses,expenses,income and gain
dr:-repairing,stolen
cr:-purcahse

Is This Answer Correct ?    48 Yes 10 No

What is nominal account ?..

Answer / pradeep banduni

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

What is nominal account ?..

Answer / tapan

rule are nominal a/c-
Debit all expenses &losses
Credit all income and gains

Is This Answer Correct ?    29 Yes 1 No

What is nominal account ?..

Answer / wasim faruque

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

What is nominal account ?..

Answer / suraiya

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

What is nominal account ?..

Answer / sujay mandal

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

What is nominal account ?..

Answer / mahesh

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

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