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    Question

    Revaluation Account is

    a:  
    A Real Account Correct Answer Incorrect Answer
    B Nominal Account Correct Answer Incorrect Answer
    C Personal Account Correct Answer Incorrect Answer
    D None of the Above Correct Answer Incorrect Answer

    Solution

    Revaluation Account records profits or losses arising from the revaluation of assets and liabilities, typically at the time of admission, retirement, or death of a partner, or change in profit-sharing ratio. Since it records gains and losses, it is a Nominal Account.

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