Consignment account is a __________.

Real account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Nominal account

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Personal account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Representative personal account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B Nominal account
Consignment account is a Nominal account. It is in fact special Trading and Profit and Loss account and therefore its balance shows the Profit and Loss made on particular consignment.

Suggest Corrections

Similar questions

Q. Capital account is a personal account.

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

Q. Ram's account is a Real account.

Q. Discount is a personal account.

State whether the following statements are True or False.

1) Prepaid insurance is nominal account.
2) Personal transactions of proprietor are recorded in the books of account of business.
3) Every debit has equal and corresponding credit.
4) Loan account is personal account.
5) Drawing account is a real account.
6) Commission received is a nominal account.
7) Outstanding wages is a nominal account.
8) Bank of India is an example of real account.
9) An order placed for the goods, entry is passed/recorded in the book of account.
10 Every transaction has only on effect

Join BYJU'S Learning Program

Consignment account is a __________.

The correct option is B Nominal accountConsignment account is a Nominal account. It is in fact special Trading and Profit and Loss account and therefore its balance shows the Profit and Loss made on particular consignment.

The correct option is B Nominal account
Consignment account is a Nominal account. It is in fact special Trading and Profit and Loss account and therefore its balance shows the Profit and Loss made on particular consignment.