Goodwill account is a ___________.

Nominal Account

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Real account

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Personal account

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None of the above

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Solution

The correct option is C Real account
It is an intangible real account. These accounts represent assets which cannot be seen, touched or felt but they can be measured in terms of money.

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Trading account is a nominal account.

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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Goodwill account is a ___________.

The correct option is C Real account It is an intangible real account. These accounts represent assets which cannot be seen, touched or felt but they can be measured in terms of money.

The correct option is C Real account
It is an intangible real account. These accounts represent assets which cannot be seen, touched or felt but they can be measured in terms of money.