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
Correct Answer: Personal Account
Solution : Share Applications, Share Allotments, and Share Capital Accounts are all personal accounts because they hold money belonging to the shareholders. When payments are due, these accounts must be debited in accordance with the "Debit the Receiver, Credit is the Giver" rule.
Hence the correct answer is option 1.
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 : Which of the following is a temporary representative personal account of shareholders?
Option 1: Share Application A/c
Option 2: Share Allotment A/c
Option 3: Share Application & Allotment A/c
Option 4: All of these
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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