Question : Income and Expenditure Account is
Option 1: property account
Option 2: personal account
Option 3: nominal account
Option 4: capital account
Answer (1)
22nd Jan, 2024
Correct Answer: nominal account
Solution :
The correct answer is a nominal account.
All gains are credited and all expenses are debited in a nominal account by accounting regulations. Non-trading entities prepare income and expenditure accounts to see if there is a surplus or deficit for a specific period.
Comments (0)
Related Questions
Question : The term of a Governor is
11 Views
Know More about
Staff Selection Commission Combined Grad ...
Admit Card | Eligibility | Application | Selection Process | Preparation Tips | Result | Answer Key
Get Updates Brochure
Thank You!
Your Staff Selection Commission Combined Graduate Level Exam brochure has been successfully mailed to your registered email id “”.
Upcoming Exams
Preliminary Exam
Admit Card Date:
10 Feb, 2025
- 10 Feb, 2025
Application Date:
10 Feb, 2025
- 10 Feb, 2025
Application Date:
12 Feb, 2025
- 4 Mar, 2025
Application Date:
31 Jan, 2025
- 3 Mar, 2025
Exam Date:
22 Feb, 2025
- 23 Feb, 2025
Trending Articles around SSC CGL
SSC CHSL 2024 - Final Vacancies (Announced)
6 hours ago
