Final answer:
Nominal accounts include revenue, expense, and dividend accounts, which are closed out at the end of an accounting period. A T-account shows assets and liabilities in a two-column format for a firm, and a time deposit refers to leaving funds in a bank for a set time for higher interest.
Step-by-step explanation:
Nominal (temporary) accounts include revenue, expense, and dividend accounts. These are accounts that report amounts for only a single accounting period and are closed out at the end of that period. The closure process involves transferring the balances from these temporary accounts to permanent accounts on the balance sheet, such as retained earnings.
This is done in order to begin the next accounting period with a zero balance in all the nominal accounts. The T-account is a visual representation used in accounting to depict the two columns of a balance sheet, with assets on the left and liabilities on the right. The T-account also illustrates the concept of a time deposit, where a depositor agrees to leave funds in a bank for a certain period in exchange for a higher interest rate.
Transaction costs refer to expenses incurred when finding a lender or borrower. Lastly, unit of account is a standard measure used in a country's economy to indicate the worth of goods and services.