Answered: explain.The Expenses, Profit & Loss of…

explain.The Expenses, Profit & Loss of an organisation are recorded in which account? Current Account Personal Account Nominal Account None of the above

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 5DQ: What is the purpose of the Income Summary account? How does it relate to the revenue and expense...

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explain.
The Expenses, Profit & Loss of an organisation are recorded in which account?

Current Account
Personal Account
Nominal Account
None of the above

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