Question : Income and Expenditure Account is
Option 1: property account
Option 2: personal account
Option 3: nominal account
Option 4: capital account
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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.
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