Which of the Following Is a Temporary (Or Nominal)account

question 127

Multiple Choice

Which of the following is a temporary (or nominal) account?

• A)Salaries Payable
• B)Rent Expense
• C)Unearned Revenue
• D)Dividends Payable

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Definitions:

Health Savings Account

An account that allows individuals with high-deductible health plans to save money tax-free for medical expenses.

Out-Of-Pocket Expenses

Costs that an individual must pay out of their own cash reserves, including medical expenses, business expenses not reimbursed, and other personal expenditures.

Self-Employed Health Insurance

A deduction that allows self-employed individuals to deduct 100% of their health insurance premiums from their taxable income.

AGI Deduction

Reductions from gross income that lower an individual's taxable income, based on specific expenses and contributions.