Question : Realisation A/c is a :
Option 1: Nominal A/c
Option 2: Real A/c
Option 3: Personal A/c
Option 4: Real A/c as well as Personal A/c
Correct Answer: Nominal A/c
Solution : To keep track of the sale of these assets and the payment of liabilities, a nominal account called the Realisation account is established. This account aids in determining the firm's profit or loss as a result of the realisation of assets and liabilities at the time of business closure.
Hence the Correct answer is option 1.
Question : Nature of Realisation A/c is
Option 1: Real A/C
Option 2: Personal A/C
Option 3: Nominal A/C
Option 4: Not defined yet
Question : The realization account is a
Option 1: nominal account
Option 2: real account
Option 3: personal account
Option 4: real as well as personal
Question : The nature of Receipts and Payment Account is:
Option 1: Nominal
Option 2: Artificial Personal
Option 3: Representative Personal
Option 4: Real
Question : The nature of Income and Expenditure Account is:
Option 3: Representative personal
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