Which of the following account groups are all considered nominal accounts?
A) Cash, Owner's Equity, Wages Payable
B) Prepaid Insurance, Property, Plant & Equipment, Fees Earned
C) Capital Account, Dividend Account, Income Summary
D) Rent Revenue, Fees Earned, Miscellaneous Expense

Question

Quizplus · Accepted Answer

Nominal accounts are accounts that are closed at the end of the accounting period and include revenue, expenses, and dividends. Rent Revenue, Fees Earned, and Miscellaneous Expense are all examples of nominal accounts. The other account groups listed contain at least one non-nominal account.

Which of the Following Account Groups Are All Considered Nominal