Nominal (Temporary) Accounts Are Revenue, Expense, and Dividend Accounts and Are

question 1

True/False

Nominal (temporary) accounts are revenue, expense, and dividend accounts and are periodically closed.

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Definitions:

Finance Fee

A charge associated with the management or processing of financial transactions.

Debit Card

A payment card that deducts money directly from a consumer's checking account to pay for a purchase.

Credit History

A record of a borrower's responsible repayment of debts over time.

Bank Account

A financial account maintained by a bank for a customer, allowing the customer to deposit and withdraw money and possibly earn interest.