What are 5 example of nominal account?

Answer 1

Nominal accounts, also known as temporary accounts, are used to track financial transactions over a specific period and are reset at the end of that period. Examples include revenue accounts (like Sales Revenue), expense accounts (such as Rent Expense), gains (like Gain on Sale of Assets), losses (like Loss on Sale of Investments), and interest income (Interest Earned). These accounts help in measuring the company's performance within an accounting period before being closed to equity accounts.