Question on: WAEC Accounting - 2014
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
A
i, ii and iii only
B
i, iii and iv only
C
ii, iii and iv only
D
iii and iv only
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Correct Option: 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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