Discount received account is a
...Discount received account is a
Real account
Personal account
Nominal account
Profit and loss account
Correct answer is C
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.
Use the following information to answer the given question. \(\begin{array}{c|c} & & N ...
Which of the following is a self-balancing account? ...
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Purchases can be ascertained through the preparation of a ...