Which of the following accounts would appear in the nomin...
Which of the following accounts would appear in the nominal ledger?
i. Sanison's account(a debtor)
ii. Motor vehicle account
iii. Sales account
iv. Rent and rates account
i, ii and iii only
i, iii and iv only
ii, iii and iv only
iii and iv only
Correct answer is D
Examples of nominal accounts include purchase account, sales account, salary A/C, commission A/C etc. The nominal account is income statement account(expenses, income, loss, profit) and is also known as temporary account unlike balance sheet account ( Asset, Liability, owner's equity) which are permanent account.
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