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

Question

Quizplus · Accepted Answer

A temporary account is also known as a nominal account. This is because it represents accounts that are related to revenues, expenses, gains, and losses which are considered “temporary” because their balances are reset to zero at the end of each accounting period.

Another Name for a Temporary Account Is A(n)