Which of the following is a Nominal A/c ?
Correct answer: B. Rent A/c
- A. Outstanding Salary A/c
- B. Rent A/c
- C. SBI A/c
- D. Debtors A/c
Explanation
Rent is an expense incurred during the accounting period, so Rent Account is a nominal account. Outstanding salary is a representative personal account, while bank and debtors are personal accounts.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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