Temporary account

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Temporary account (also known as nominal account) is an account whose balances at the end of an accounting period are not carried over to the next accounting period.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Temporary account (also known as nominal account). An account whose balances at the end of an accounting period are not carried over to the next accounting period.

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