Examlex
Bagels Bakery enters into a contract with Cineplex for discounted tickets for Bagels's employees. When Cineplex does not provide the tickets, Bagels enters into a contract with DigiMovies for the same service at a lower price. In a suit for breach, Bagels might be awarded nominal damages to
Permanent Account
An account in the general ledger that is not closed at the end of the accounting year, including accounts like asset, liability, and equity accounts.
Nominal Account
A temporary account that records transactions related to expenses, revenues, gains, and losses during an accounting period.
Zero Account
A banking or accounting term referring to an account that has a balance of zero, meaning it has no funds.
Depreciation Expense
An accounting method to allocate the cost of a tangible asset over its useful life.
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