Question : Revaluation Account is a ________ Account.
Option 1: Real
Option 2: Nominal
Option 3: Personal
Option 4: Liability
Answer (1)
19th Jan, 2024
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.
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