Question : The nature of Receipts and Payment Account is:
Option 1: Nominal
Option 2: Artificial Personal
Option 3: Representative Personal
Option 4: Real
Correct Answer: Real
Solution : Receipts and Payment Account is a real account as the rule of a real account, i.e., 'Debit what comes in and credit what goes out' is followed. Thus, Payments are recorded on the credit side, and receipts are recorded on the debit side. Hence, the correct option is 4.
Question : The nature of Income and Expenditure Account is:
Option 3: Representative personal
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 : Revaluation Account is a ________ Account.
Option 1: Real
Option 2: Nominal
Option 3: Personal
Option 4: Liability
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