Nominal Interest Rate Definition

What is meant by Nominal Interest Rate? A stated interest rate that is specified on the note or bond at the time it is issued, and that does not change over the life of note or bond.

Notes Payable

What is a Notes Payable? – Definition Notes payable is a liability that results from purchases of goods and services or loans. Usually, a written instrument that includes interest. Explanation As with notes receivable, notes payable can result from different types of transactions, but the most likely sources are from purchases of goods and services …

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Natural Resources Definition

What are Natural Resources? Natural resources are the physical substances that when extracted from the ground are converted into inventory, and when sold, produce revenues for the firm.

Nonmonetary Assets

What are Nonmonetary Assets? Nonmonetary assets are those assets other than cash are the rights to receive cash, that can generate future revenues, such as property, plant, and equipment. Explanation Noncurrent, nonmonetary assets are often broken down into two categories: tangible and intangible; Tangible assets include property, plant; and equipment and other similar productive assets …

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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.

Net Income Definition

How to define accounting term Net Income? Net income may be defined as the difference between the total of revenues and gains and the total of expenses and losses.

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