Foreign companies with manufacturing plants that are allowed to operate in mexico with special privileges in exchange for employing mexican citizens are known as _______.

Question: Foreign companies with manufacturing plants that are allowed to operate in mexico with special privileges in exchange for employing mexican citizens are known as _______.

Nominal accounts are those that record revenues, expenses, gains, and losses. They are also called temporary accounts because they are closed at the end of each accounting period. The closing process transfers the balances of nominal accounts to the retained earnings account, which is a permanent account.

Some examples of nominal accounts are:

- Sales revenue

- Cost of goods sold

- Rent expense

- Interest income

- Depreciation expense

- Loss on disposal of assets

To answer the question, which of the following account groups are all considered nominal accounts, we need to identify the account groups that contain only nominal accounts and no permanent accounts. Permanent accounts are those that record assets, liabilities, and equity. They are not closed at the end of each accounting period and their balances carry over to the next period.

The following account groups are all considered nominal accounts:

- Sales revenue, cost of goods sold, and rent expense

- Interest income, depreciation expense, and loss on disposal of assets

- Advertising expense, commission expense, and income tax expense

The following account groups are not considered nominal accounts because they contain at least one permanent account:

- Cash, accounts receivable, and sales revenue

- Inventory, cost of goods sold, and retained earnings

- Accounts payable, interest expense, and interest payable

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