The effect opening entry is the opening of _______________.

Personal Accounts and Real Accounts

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Real Accounts and Nominal Accounts

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Personal Account and Nominal Accounts

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Personal Account, Real Account and Nominal Accounts.

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Solution

The correct option is D Personal Accounts and Real Accounts
The effect of opening entries is opening of real and personal accounts as these are the types of account which are left with closing balance at the end of the year.
The closing balance of previous year is transferred to the next year as opening balance.

Suggest Corrections

Similar questions

Q. Select the most appropriate answer the alternatives given below and rewrite the Sentences.

Under Single entry System only _______________.
a) Personal accounts and cash A/c are opened
b) Real accounts are opened
c) Nominal accounts are opened
d) Real and nominal accounts are opened,

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

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

Q. Which of the following statement contains all the types of account i.e. personal, real and nominal account?

Q. Bank account is a Nominal account.

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