Which of the followingconsidered a nominal account?a) Inventoryb) Cashc) Rent Expensed) Accounts Payableaccounts is

Explanation of Nominal Accounts: Nominal accounts are temporary accounts used to record financial…

Answered: Which of the following considered a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 2Q: Explain what is meant by the term nominal accounts (also known as temporary accounts).

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Similar questions

What is an account receivable? O a. Sales O b. Asset Oc. Income O d. Creditors
Under which of the following categories would Accounts Receivable appear? A. long−term assets B. current assets C. long−term liabilities D. current liabilities
Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales Revenue
Which of the following is a nominal account? a. Retained earnings b. Accounts receivable c. Purchase returns and allowances d. Accumulated depreciation
In which of the following types of accounts are increases recorded by credits? A. revenues and liabilities B. drawing and assets C. expenses and liabilities
Which of the following items is not a specific account in acompany’s accounting records?a. Accounts Receivableb. Net Incomec. Sales Revenued. Unearned Revenue
Accounts receivable is classified as an _______________ a. An Asset b. A Expense. c. A Capital d. A Liability.
Which of the following accounts has a normal debit balance? A. Interest Revenue B. Inventory C. Sales D. Accounts Payable
Which of the following items is NOT classified as a financial asset? a. promissory notes b. forward exchange contracts c. inventory d. accounts receivable
Determine if each statement represents the allowance (A) or direct write-off (DW) approach. On the balance sheet, accounts receivable are represented at net realizable value.
Which of the following is an asset account? O A. Unearned Revenue O B. Notes Payable OC. Accounts Receivable O D. Wages Payable
describe the difeference between an account receivable and an account payable

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Which of the following considered a nominal account? a) Inventory b) Cash c) Rent Expense d) Accounts Payable accounts is