Which of the following account groups are nominal accounts?
A) Cash, Dividends, Wages Payable
B) Prepaid Insurance, Equipment, Fees Earned
C) Common Stock, Dividends, Income Summary
D) Rent Revenue, Fees Earned, Miscellaneous Expense

Question

Quizplus · Accepted Answer

Nominal accounts are those accounts that are related to revenue, expenses, gains, and losses. In option D, Rent Revenue and Fees Earned are revenue accounts, and Miscellaneous Expense is an expense account, making them all nominal accounts.

Which of the Following Account Groups Are Nominal Accounts