Nominal (Temporary) Accounts Definition
What Are Nominal (Temporary) Accounts?
Nominal Accounts are the separate revenue and expense accounts used only during the period, which have a zero balance at the beginning of each period. These accounts are closed to retained earnings at the end of each period.
About the Author
True Tamplin, BSc, CEPF®
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.