Using your phone's internet browser
go to:  qna.rediff.com
Click and drag this link to
the Home icon in your browser.
Q.

What things under nominal account

Tags: money, careers, law & legal
Asked by RAHUL RANA, 22 Sep '12 11:05 am
  Invite a friend  |  
  Save  |  
 Earn 10 points for answering
Answer this question  Earn 10 points for answering    
4000 characters remaining  
  
    
Keep me signed inNew User? Sign up

Answers (2)

1.

Ominal accounts in accounting are the temporary accounts, such as the income statement accounts. In other words, nominal accounts are the accounts that report revenues, expenses, gains, and losses. (The owners drawing account is also a temporary account, even though it is not an income statement account.)
Nominal or temporary accounts are closed at the end of each accounting year. This means that their account balances are transferred to a permanent account. This closing process allows the nominal accounts to start the next accounting year with zero balances.
The balances from the income statement accounts will end up in the owners equity account, if the enterprise is a sole proprietorship. If the business is a corporation, the balances will end up in the retained earnings account.
Answered by Radha, 22 Sep '12 11:12 am

 
  
Report abuse
Useful
 (0)
Not Useful
 (0)
Your vote on this answer has already been received
2.

Nominal partnership.
nominal bank accaount
many more
Answered by harpreet, 22 Sep '12 11:10 am

 
  
Report abuse
Useful
 (0)
Not Useful
 (0)
Your vote on this answer has already been received

Ask a Question

Get answers from the community

600 characters remaining