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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.
Is rent expense a real or nominal account?
Rent expense is a nominal account. Nominal accounts represent revenues, expenses, gains, and losses, and they are closed at the end of an accounting period to retained earnings. In contrast, real accounts (or permanent accounts) carry their balances over to the next period. Since rent expense reflects costs incurred during a specific period, it is classified as a nominal account.
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 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.
Is rent expense a real or nominal account?
Rent expense is a nominal account. Nominal accounts represent revenues, expenses, gains, and losses, and they are closed at the end of an accounting period to retained earnings. In contrast, real accounts (or permanent accounts) carry their balances over to the next period. Since rent expense reflects costs incurred during a specific period, it is classified as a nominal account.
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 to which account is it debited?
Prepaid Rent is debited.
When December rent is paid in November which account is debited?
Prepaid Rent is debited.
Is drawing ac is nominal account?
yes, drawing account is a nominal account.
Is depreciation account nominal account?
yes ! it comes under 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.
When December rent is paid in November which acct is debited?
When December rent is paid in November, the "Prepaid Rent" account is debited. This reflects the advance payment for rent, representing an asset until the rental period occurs in December. The corresponding credit would be made to the "Cash" account to reflect the decrease in cash due to the payment.
Is prepaid insurance account a nominal account?
No, it is a real/permanent account. Insurance expense is a nominal account.
