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WAEC Financial Accounting 1996 Question 27

Question 27

Double Entry and the Ledger

Which of the following are examples of Nominal Account?

  1. A.Land and Insurance
  2. B.Cash and Interest
  3. C.Building and Cash
  4. D.Machinery and Wages
  5. E.Rent and Discount.
Show the answer and explanation

Answer: E (Rent and Discount.)

Explanation

Nominal accounts record incomes and expenses; rent and discount are both nominal.