Accounting Types Interview Question:

What are Nominal Accounts? List accounts consisting the Nominal Account?

Submitted by: Administrator

Nominal Accounts are the accounts of Incomes, Expenses, Losses and Gains. Nominal Accounts consist of the following types of accounts:

-Insurance Account
-Wages Account
-Interest Paid or Received Account
-Commission Paid or Received Account
-Telephone Expenses Account
-Salary Account
Submitted by: Administrator