_______ accounts relates to expenses, losses, income, gain, revenue etc.

Personal a/c

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Real a/c

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Nominal a/c

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Impersonal a/c

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Solution

The correct option is D Nominal a/c
Accounts are classified in to three categories:
1) Personal Account i.e. Account of any person
2) Real Account i.e. Account of assets or things
3) Nominal Account i.e. Account of expenses, losses, income gain
For each nominal account, a separate account will be opened in the ledger.

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Similar questions

Q. Accounts relating to income, revenue, gain expenses and losses are termed as ______________.

Q. Income & Expenditure A/c is prepared by transfer of :
(I) Nominal accounts
(II) Real accounts
(III) Personal accounts
The correct answer is ___________________.

Q. Match List-I with List-II and select the correct answer using the codes given the lists:

List-I(Types of accounts)	List-II(Principles)
I. Real Accounts	(a) Debit the receiver credit the giver
II. Nominal Accounts	(b) Debit what comes in credit what goes out
III. Personal Accounts	(c) Debit all expenses,losses credit all incomes,gains

Q. Match List I with List II and select the correct answer using the codes given below the lists:

List I	List II
(Types of accounts)	(Principles)
A. Real Accounts	1. Debit the receiver Credit the giver
B. Nominal Accounts	2. Debit what comes in Credit what goes out
C. Personal Accounts	3. Debit all expenses and losses Credit all gains and incomes

Objective type Questions
Classify the following accounts under the types of personal, Real and Nominal account.

1) Life insurance premium A/c
2) Mr. Kulkarnis’s Capital A/c
3) Goods A/c
4) Freight A/c
5) Wages A/c
6) Goodwill A/c
7) Copyright A/c
8) Outstanding income A/c
9) Bank charges A/c
10) Outstanding expenses A/c
11) Sundry income A/c
12) Income receivable A/c
13) Export duty A/c
14) Furniture A/c
15) Import duty A/c
16) Free sample distribution A/c
17) Sundry expenses A/c
18) Discount A/c
19) Drawings A/c
20) Fixed deposit A/c
21) Profit on sale of furniture A/c
22) Office equipment A/c
23) Bank of India A/c
24) Machinery A/c
25) Carriage Outward A/c
26) Loss on sale of machinery A/c
27) Loan A/c
28) Deposits with MSEB
29) Loss by fine A/c
30) Legal expenses A/c

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