What is a Nominal Account?
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i. All indirect/operating expenses are transferred to _______ account. ii. Interest of proprietor’s drawing is credited to ________ account.
i. Profit and Loss A/c ii. Profit and Loss A/c iii. Net Loss iv. Trading A/c v. Statement
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i. Reserve for bad debts is created by debiting Profit and Loss Account. ii. A balance Sheet is a statement as well as an account.
i. Agree ii. Disagree iii. Disagree iv. Disagree v. Disagree
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Explain the following terms/concept: Nominal Partner.
1. A partner who only lends his name and reputation to the partnership firm is called as nominal partner. 2. He is simply obliging his friends by allowing the firm to...
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Nominal partner, Active partner, Dormant partner, Minor as a partner.
Minor as a partner
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Receipts and payments Account is a - (A) Personal Account (B) Real Account (C) Nominal Account
Correct option is: (B) Real Account
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Current Account is - (A) Personal Account (B) Real Account (C) Nominal Account (D) None of these
Correct option is: (A) Personal Account
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Realisation Account is - (A) Personal A/C (B) Nominal A/C (C) Real A/C (D) None of these
Correct option is: (B) Nominal A/C
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Premium on Redemption of Debenture A/C is - (A) Personal account (B) Real account (C) Nominal account
Correct option is: (D) Suspense account
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The bank is a Nominal A/c.
This statement is False. A bank is an Artificial person created by law. The bank is personal accounts.
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Capital a/c is a nominal a/c.
This statement is False. Capital is a Personal account. Capital is the amount invested by the proprietor in his business. A proprietor is a person. Capital is also personal A/c.
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