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Question

Which one of the following statements is correct about Income and Expenditure Account?

A It is a Real Account. Correct Answer Incorrect Answer
B It is a Personal Account. Correct Answer Incorrect Answer
C It is a Nominal Account. Correct Answer Incorrect Answer
D It is a Representative Personal Account. Correct Answer Incorrect Answer

Solution

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.

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