Income and expenditure account is a real account

Asked by admin @ 25/08/2021 in Accountancy viewed by 490 People

Income and expenditure account is a nominal account ( true/ false

Answered by admin @ 25/08/2021

Answer:

Explanation: In Income and Expenditure Account, all the revenue incomes and revenue expenses are recorded and therefore it is a Nominal Account and not a real Account.

What do you mean by income and expenditure account

Asked by admin @ 16/08/2021 in Accountancy viewed by 456 persons

What do you mean by income and expenditure account

The credit balance of income and expenditure account

Asked by admin @ 26/08/2021 in Accountancy viewed by 483 persons

The credit balance of an income and expenditure account indicates Deficit

Excess of income over expenditure is termed as

Asked by admin @ 26/08/2021 in Accountancy viewed by 450 persons

Excess of income over Expenditure is termed as ________. (Fill in the blank by choosing correct option) a) deficit b) profit c) surplus d) loss

What is the real source of income for banks

Asked by admin @ 17/08/2021 in Social Sciences viewed by 311 persons

What is the main source of income of the bank

As per income tax act accounting period is

Asked by admin @ 26/08/2021 in Math viewed by 348 persons

As per income Tax Act, accounting period is * (a) From 1 st Jan to 31 st Dec(b) From 1 st Apri 1 to 31 st March(c) From …

Real and nominal income is calculated respectively at

Asked by admin @ 25/08/2021 in Economy viewed by 365 persons

Real and nominal income is calculated respectively at

Formula for profit percentage in terms of income and expenditure

Asked by admin @ 06/08/2021 in Math viewed by 268 persons

What is the profit percentage formula in terms of income and expenditure.

Formula of profit percentage in terms of income and expenditure

Asked by admin @ 03/08/2021 in Math viewed by 304 persons

What is the profit percentage formula in terms of income and expenditure.

The entry to close the income summary account may include

Asked by admin @ 29/11/2021 in Business viewed by 296 persons

The entry to close the Income Summary account may include Multiple Choice a debit to Income Summary and a credit to the owner's capital account. a debit to Income Summary …

All personal real and nominal accounts are opened in

Asked by admin @ 16/08/2021 in Accountancy viewed by 511 persons

All personal, real and nominal accounts are opened in

Classify the following into personal real and nominal accounts

Asked by admin @ 16/08/2021 in Accountancy viewed by 558 persons

0.6 Classify the following accounts under the types of Personal, Real and Nominal account. 1) Mr. Rohit's capital A/C2) Loose Tools A/c3) Drawing A/C4) Cartage A/C5) …