Fund Analyst Interview Questions and Answers

Nominal A/c is a temporary account used to record revenue, expenses, and gains or losses.

• Nominal A/c is also known as Income Statement A/c

• Examples of Nominal A/c include Rent, Salaries, Interest, and Depreciation

• Golden rules of A/c'ing are Debit what comes in, Credit what goes out and Debit the receiver, Credit the giver

• These rules help maintain the balance sheet and ensure accurate financial reporting