i. Sandison’s account (a debtor)
ii. Motor vehicle account
iii. Sales account
iv. Rent and rates account
A. i, ii and iii only
B. i, iii and iv only
C. ii, iii and iv only
D. iii and iv only
Correct Answer: Option D
D. iii and iv only
Explanation
Examples of nominal accounts include a purchase account, sales account, salary A/C, commission A/C, etc. The nominal account is an income statement account(expenses, income, loss, profit) and is also known as temporary account unlike balance sheet account ( Asset, Liability, owner’s equity) which are permanent account.
