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

Question

Quizplus · Accepted Answer

Nominal accounts include revenue, expense, and income statement accounts which are used to track income and expenses over a specific period of time. As such, the account group that includes nominal accounts is D, which includes Rent Revenue, Fees Earned, and Miscellaneous Expense.

Which of the Following Account Groups Includes Nominal Accounts