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What is a nominal account?
Land and Buildings; and Office Machinery A nominal account is account for income and expenses e.g Rent and rates account or subscription account.
Is drawings account is Nominal or Personal account?
Drawings Account is a Nominal Account. Nominal accounts record liabilities, expenses, revenues, capital and drawing. Examples of nominal accounts are loan account, sales account, commission received account, salaries account, rent account, capital account, drawings account etc.
Why some authors says that sales are nominal account?
no sales is not a nominal account. because nominal account says" debit all expenses and credit all income and gain account. " all things which are tangible is call real account. u can touch the goods..Land and Buildings; and Office Machinery A nominal account is account for income and expenses e.g Rent and rates account or subscription account.
When December rent is paid in November which account is debited?
Prepaid Rent is debited.
When December rent is paid in November to which account is it debited?
Prepaid Rent is debited.
What is a nominal account?
Land and Buildings; and Office Machinery A nominal account is account for income and expenses e.g Rent and rates account or subscription account.
Is drawings account is Nominal or Personal account?
Drawings Account is a Nominal Account. Nominal accounts record liabilities, expenses, revenues, capital and drawing. Examples of nominal accounts are loan account, sales account, commission received account, salaries account, rent account, capital account, drawings account etc.
Why some authors says that sales are nominal account?
no sales is not a nominal account. because nominal account says" debit all expenses and credit all income and gain account. " all things which are tangible is call real account. u can touch the goods..Land and Buildings; and Office Machinery A nominal account is account for income and expenses e.g Rent and rates account or subscription account.
Rs 1000 paid as rent to landlord should be debited to which A C?
Rent account or landlords account
When December rent is paid in November which account is debited?
Prepaid Rent is debited.
When December rent is paid in November to which account is it debited?
Prepaid Rent is debited.
Is depreciation account nominal account?
yes ! it comes under nominal account !!
Is drawing ac is nominal account?
yes, drawing account is a nominal account.
Is suspense account is a nominal account?
Nominal accounts are closed at the end of each accounting year. In that sense, surely Suspense Account is a Nominal Account.
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
Is suspense account a nominal account?
Not necessarily. It can be of any type. Real, Personal or Nominal.
Is depreciation real or nominal account?
It is a real contra account. The nominal account associated with depreciation is depreciation expense.
