passwella.
Menu

WAEC Financial Accounting 2019 Question 41

Question 41

Double Entry and the Ledger

An example of nominal account is

  1. A.Kofi and Ali Account.
  2. B.Plant and Machinery Account.
  3. C.Profit and Loss Account.
  4. D.Cash and Bank Account.
Show the answer and explanation

Answer: C (Profit and Loss Account.)

Explanation

Nominal accounts deal with income, expenses, profit and loss.