Revenue and Expense accounts are _________ accounts. • Nominal Accoun
Right Answer is: A
• Nominal Account is an account that records the financial transactions of a business in a category, rather than with a person or other organization.
• These accounts are associated to losses, expenses, income or gains.
• Nominal accounts in accounting are the temporary accounts, such as the income statement accounts.
• They are closed at the end of each accounting year.
• This means that their account balances are transferred to a permanent account.