Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which statement is Not true about Nominal accounts? Question 3 options: A) The activity of nominal accounts is found on the income statement B) Includes

Which statement is Not true about Nominal accounts?

Question 3 options:

A)

The activity of nominal accounts is found on the income statement

B)

Includes assets, liabilities and net worth accounts

C)

Includes revenue and expense accounts

D)

Closed at the end of each accounting period and the balance is brought to 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

7th edition

978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094

More Books

Students also viewed these Accounting questions

Question

Azure Analytics is a suite made up of which three tools?

Answered: 1 week ago

Question

When you need a permanent, unchangeable, or secure record?

Answered: 1 week ago