Question : The nature of Income and Expenditure Account is:
Option 1: Nominal
Option 2: Artificial Personal
Option 3: Representative personal
Option 4: Real
Answer (1)
22nd Jan, 2024
Correct Answer: Nominal
Solution :
Income and Expenditure Account is a nominal account as the rule of nominal account i.e., 'Debit all expenses or losses and credit all income or gains'.
Hence, the correct option is 1.
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