Question: please complete using full sentences. 1. What is a nominal account? What happens to a nominal account at the end of a fiscal period? Name

1. What is a nominal account? What happens to a nominal account at the end of a fiscal period? Name and define this end-of-period process. 2. For accountants, what is the "book of original entry"? What is the act of entering a transaction there called? Define "double-entry accounting" and explain how it works in this context. 3. Which forms of business use an Owner's Capital account and an Owner's Drawing account? What is the purpose of each of the two accounts? 4. What is the two-fold purpose of transaction analysis, and when during the journalizing process should an accountant perform transaction analysis
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