All nominal accounts totals are transferred to trading or profit and loss account by------------- passing entry
AClosing
BOpening
CTransfering
DAdjusting
Answer:
A. Closing
Read Explanation:
The nominal accounts (like revenue, expenses, losses, and gains) are temporary accounts that are closed at the end of the accounting period. Their balances are transferred to the Trading Account or Profit & Loss Account to calculate the net profit or loss.