Which of the following account groups are all considered nominal accounts?

Question: Which of the following account groups are all considered nominal accounts?

Nominal accounts are those accounts that record the income, expenses, gains and losses of a business. They are also called temporary accounts because they are closed at the end of each accounting period and their balances are transferred to the owner's equity account.

There are four main types of nominal accounts:

- Revenue accounts: These accounts record the inflows of money or other assets from the sale of goods or services, interest, dividends, rent, etc. Examples of revenue accounts are Sales Revenue, Service Revenue, Interest Income, etc.

- Expense accounts: These accounts record the outflows of money or other assets from the consumption of resources or the incurrence of liabilities in the course of business operations. Examples of expense accounts are Cost of Goods Sold, Salaries Expense, Rent Expense, etc.

- Gain accounts: These accounts record the increases in owner's equity from transactions or events other than revenues or investments by owners. Examples of gain accounts are Gain on Sale of Equipment, Gain on Settlement of Debt, etc.

- Loss accounts: These accounts record the decreases in owner's equity from transactions or events other than expenses or withdrawals by owners. Examples of loss accounts are Loss on Sale of Inventory, Loss on Impairment of Assets, etc.

Therefore, the answer to the question is that all of the above account groups are considered nominal accounts. They all measure the performance of a business for a specific period and are closed at the end of that period.

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