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JAMB Principles of Accounts 2002 Question 7

Question 7

Double Entry and the Ledger

I. Fixtures account II. Machinery account III Wages account IV. Rent account.
Which of the above are nominal account?

  1. A.III and IV
  2. B.I and II
  3. C.I and III
  4. D.II and III.
Show the answer and explanation

Answer: A (III and IV)

Explanation

Nominal accounts record expenses and incomes, such as wages and rent; fixtures and machinery are real (asset) accounts.