Question : The nature of Income and Expenditure Account is:
Option 1: Nominal
Option 2: Artificial Personal
Option 3: Representative personal
Option 4: Real
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.
Question : The nature of Receipts and Payment Account is:
Question : The realization account is a
Question : Income and Expenditure Account is
Question : Share application and allotment account is a-
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile