A type of account used in a business for the purpose of measuring revenue and expenses. This type of account is typically closed out at the end of each year. Also called income statement account.
Related information about nominal account:
- What is a nominal account in accounting? | AccountingCoach.com ...
Nominal accounts in accounting are the temporary accounts, such as the income statement accounts. In other words, nominal accounts are the accounts that ...
- What is nominal account? - BusinessDictionary.com
Definition of nominal account: Revenue or expense account that is a subdivision of the owners' equity account, and which is closed to a zero balance at the end ...
- What is a nominal account? - Questions & Answers - AccountingTools
May 6, 2011 ... A nominal account is an account in which accounting transactions are stored for one fiscal year. At the end of the fiscal year, the balances in ...
- Account Types or Kinds of Accounts :: Personal, Real, Nominal
Thus, we can say that if an account is not real or personal it should be a nominal account. Therefore we may also interpret. Nominal accounts as, the accounts ...
- Nominal Account: Definition from Answers.com
Income statement account (revenue and expense) that is closed out at the end of the year. See also closing entry ; real account.
- Chart of Accounts & Nominal Codes | Brightpearl
Those users familiar with Sage accounts will find the Brightpearl nominal account structure very similar. Sales, for example, are always marked with a nominal ...
- What is nominal account? definition and meaning - InvestorWords.com
Definition of nominal account: A type of account used in a business for the purpose of measuring revenue and expenses. This type of account is typically closed ...
- Account (accountancy) - Wikipedia, the free encyclopedia
[edit] Types of accounts. [edit] Based on nature. An account may be classified as real, personal or as a nominal account. Type, Represent, Examples ...