Question : Revaluation Account is a ________ Account.
Option 1: Real
Option 2: Nominal
Option 3: Personal
Option 4: Liability
Correct Answer: Nominal
Solution : Answer = Nominal
The Revaluation Account is a nominal account. Nominal accounts are used to record revenues, expenses, gains, and losses. The Revaluation Account is specifically used to adjust the value of assets and liabilities to their fair market value, reflecting changes in their worth over time, making it a nominal account. Hence, the correct option is 2.
Question : The realization account is a
Question : Share application and allotment account is a-
Question : The nature of Receipts and Payment Account is:
Question : The nature of Income and Expenditure Account is:
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