Another name for a temporary account is a(n):
A) Real account.
B) Nominal account.
C) Contra account.
D) Balance column account.
E) Accrued account.

Question

Quizplus · Accepted Answer

A temporary account is also referred to as a nominal account. This type of account is used to record transactions related to revenues, expenses, gains, and losses for a specific accounting period. The balances in these accounts are closed out to a permanent account at the end of the accounting period.

Another Name for a Temporary Account Is A(n)