Which of the following is a norminal account?

Assessment: WAEC SSCE - Financial Accounting - 2008 (Objective) Subject: Financial Accounting

Question 1 Report

Which of the following is a norminal account?
Answer Details
The answer is sales account. A nominal account is an account that is related to revenues, expenses, gains or losses. The purpose of a nominal account is to track the income and expenses of a business, and to determine the net profit or loss for a specific period. Sales account is a nominal account as it records the revenue earned by a business from the sale of its goods or services. Bank account, cash account and stock account are real accounts which relate to tangible assets and liabilities of a business.
Read lesson note on Ethics In Accounting (JAMB)
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