Which of the Following Account Groups Are All Considered Nominal

question 167

Multiple Choice

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

• A) Cash, Owner's Equity, Wages Payable
• B) Prepaid Insurance, Property, Plant & Equipment, Fees Earned
• C) Capital Account, Dividend Account, Income Summary
• D) Rent Revenue, Fees Earned, Miscellaneous Expense

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Definitions:

Interest Rate

A percentage of a loan amount charged by the lender to the borrower for the use of money.

Money Supply

The grand total of all economic assets measured in currency available at a specific time in an economy, which covers coins, banknotes, and the balances in checking and savings accounts.

Money Supplied

The entire sum of assets in terms of money present within an economy at a given time.

Money Demanded

Money demanded refers to the total amount of money that individuals and businesses in an economy want to hold at any given time, influenced by interest rates and economic activity.