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
Correct Answer: nominal account
Solution : Answer = Nominal account
The Realization Account is a nominal account used to record gains or losses resulting from the sale of assets and settlement of liabilities during the dissolution of a partnership firm, reflecting the firm's financial position at termination. According to the traditional approach, expenses and losses are debited, and Income and gains are credited. Hence, the correct option is 1.
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
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
Question : The nature of Receipts and Payment Account is:
Option 1: Nominal
Option 2: Artificial Personal
Option 3: Representative Personal
Option 4: Real
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