BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Example of nominal accounts are service revenue, sales revenue, wage expense, utilities expense, commission, supplies expense, and interest expense.

Detailed explanation-2: -All expense and income accounts are nominal accounts. Interest, rent, electricity, wages, salaries are expenses and are considered as nominal account. At the end of the financial year, all nominal accounts are transferred to trading and profit & loss account.

Detailed explanation-3: -Bank account is a Nominal account.

Detailed explanation-4: -Nominal accounts are typically associated with the income statement, and so are used to record revenues, expenses, gains, and losses. Examples of these accounts are product revenue, the cost of goods sold, compensation expense, and utilities expense.