New SIDBI Grade A New Batch Starts on Nov 18

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    Question

    Accounts relating to income, revenue, gain expenses, and losses are termed as:

    A Real Accounts Correct Answer Incorrect Answer
    B Personal Accounts Correct Answer Incorrect Answer
    C Nominal Accounts Correct Answer Incorrect Answer
    D Artificial Personal Accounts Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Accounts relating to income, revenue, expenses, and losses are termed as Nominal Accounts. Nominal accounts are temporary accounts that are used to record the financial performance of a business during a specific accounting period, and their balances are closed at the end of each accounting period to determine the net profit or loss.

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