Explain what is nominal ledger?

Nominal Ledger:

  • The nominal ledger is an accounting record which summarizes the financial affairs of a business.
  • It contains details of assets, liabilities and capital, income and expenditure and so profit and loss.
  • It consists of a large number of different accounts, each account having its own purpose or “name” and an identity or code.
  • The nominal ledger is often called the “general ledger”

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