Which of the following accounts would appear in... - WAEC Accounting 2014 Question
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
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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