Outstanding wages is a ______________.

Real Account

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Personal Account

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Nominal Account

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None of above

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Solution

The correct option is B Personal Account
Outstanding Salary A/c is a Representative Personal Account as it represents a group of people to whom some amount of salary is payable.
Similarly other outstanding and prepaid expenses also fall under the category of representative personal accounts.

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

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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

Q. Which of the following is not a type of Inflation?
(A) Cost push
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Outstanding wages is a ______________.

The correct option is B Personal AccountOutstanding Salary A/c is a Representative Personal Account as it represents a group of people to whom some amount of salary is payable. Similarly other outstanding and prepaid expenses also fall under the category of representative personal accounts.

The correct option is B Personal Account
Outstanding Salary A/c is a Representative Personal Account as it represents a group of people to whom some amount of salary is payable.
Similarly other outstanding and prepaid expenses also fall under the category of representative personal accounts.