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
Option 1: nominal account
Option 2: real account
Option 3: personal account
Option 4: real as well as personal
Question : Share application and allotment account is a-
Option 1: Personal Account
Option 2: Real Account
Option 3: Nominal Account
Option 4: None of the Above
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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