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Hi sir for june 2015 exam question 6(a) (ii), regarding the assertion on classification,
What is a revenue nominal account code?
A nominal account code is simply the code number of an account in the nominal ledger. Numbers are more accurate than names. So, Electricity might be Ac Code 1200, Rent, 3451 etc.
Revenue might mean sales or it might mean any account where expenditure was revenue not capital. Either way the code should make sure the amount is posted to the correct account.
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