Which of the following is wrong?
A)all real and personal accounts are transferred to balance sheet
B)nominal accounts are transferred to p & l account
C)each account is opened separately in ledger
D)rent is a personal account, outstanding rent is nominal account

Question

Quizplus · Accepted Answer

Rent is considered a nominal account because it relates to expenses for a specific accounting period. Outstanding rent, however, is not a nominal account; it is a personal account because it represents an amount owed to someone (a creditor), thus reflecting a liability.

Which of the Following Is Wrong