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Which of the following is NOT a Nominal A/c?

a) Outstanding salaries A/c

b) Salaries A/c

c) Interest paid A/c

d) Commission received A/c

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Question ajoutée par Shamseer KM , Accounts and Admin Payroll , KBM Group
Date de publication: 2015/07/19
Michael Lagunday
par Michael Lagunday , Accounts Assistant , Invest Group Overseas LLC

The answer is A) Outstanding Salaries A/C

 

Nominal accounts are accounts which are eventually closed to capital accounts. This account is also known as temporary account because it is closed in the equity (capital) account at year end. This includes expenses and incomes. Outstanding salaries A/C is a liability account and is not closed to equity account at the end of reporting period.

Md. Omar Faruq
par Md. Omar Faruq , Manager-Accounts & Finance , The Rani Re-Rolling Mills Limited.

Option-a) Outstanding Salaries A/C is not a Nominal A/C.

Riaz Ahammed
par Riaz Ahammed , Financial Accountant , UTC Climate Controls & Security

Nominal accounts in accounting are the temporary accounts, such as the income statement accounts. In other words, nominal accounts are the accounts that report revenues, expenses, gains, and losses. In the above question all the accounts are revenue/expense accounts except for Outstanding Salaries account which is a liability account, the balance of which will appear on the balance sheet . Therefore the answer is A) Outstanding Salaries Account.

JAISHRI JAISHRI
par JAISHRI JAISHRI , Senior Accountant , Monero Hotel

Nominal account is one of the golden principle in accounting. The rule of nominal account is dr. all expenses and losses credit all incomes and gains. In the above question this rule does not apply to a) outstanding salaries account. So the correct answer is outstanding expense a/c.

Dhruthi Shah
par Dhruthi Shah , Senior Controller , Expro Overseas

outstanding salaries. 

Thumb rule for nominal account - debit all exp and losses, credit all incomes and gains.

Outstanding salary is a liability and thus part of real account where the rule states - debit all assets and credit all liabilities. 

 

 

Subash Thomas
par Subash Thomas , Manager- Internal Audit. , Confidential Company

Option a) Outstanding Salaries A/C is the only account which is not a nominal account  in the question. This is a balance sheet item and can be categorized under Personal Accounts. 

HASSAN AHMED
par HASSAN AHMED , Internal Auditor , TIE

outstanding salaries account is not a nominal account because nominal or temporary account must be closed at the end of every accounting year.

Muhammad Sabith
par Muhammad Sabith , Accountant , SIMORA

Outstanding salaries account

Jawad Ali Ali
par Jawad Ali Ali , Accounts Officer , Educational Excellence Limited

right answer is  A) Outstanding Salaries Account

Muhammed Shan  M
par Muhammed Shan M , Senior Accountant , Shemeer & Associates

Which of the following is NOT a Nominal A/c?

a) Outstanding salaries A/c

b) Salaries A/c

c) Interest paid A/c

d) Commission received A/c

Salaries Account

Abdul Jamal Nazar Hamza
par Abdul Jamal Nazar Hamza , Head of Accounting & Finance , Reliance Paper Company

a) Outstanding Salaries A/c

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