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State whether the following statement is True or False with reasons: Bank loan account is a Nominal account. - Book Keeping and Accountancy

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प्रश्न

State whether the following statement is True or False with reasons:

Bank loan account is a Nominal account.

विकल्प

  • True

  • False

MCQ
सत्य या असत्य

उत्तर

This statement is False.
Amount of loan given by the bank is known as a bank loan. Here, the bank is a legal entity, therefore we can say that a bank loan account is a. personal account.
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Classification of Accounts
  क्या इस प्रश्न या उत्तर में कोई त्रुटि है?
अध्याय 2: Meaning and Fundamentals of Double Entry Book-Keeping - EXERCISE [पृष्ठ ४०]

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बालभारती Book Keeping and Accountancy [English] 11 Standard Maharashtra State Board
अध्याय 2 Meaning and Fundamentals of Double Entry Book-Keeping
EXERCISE | Q 4. 13) | पृष्ठ ४०

संबंधित प्रश्न

Answer in one sentence only.

What is an Account?


Answer in one sentence only:

What is Personal Account?


Write one word/term or phrase which can substitute the following statement.

The Assets which cannot be seen, touched or felt.


State whether the following statement is True or False with reasons:

Outstanding expense is a nominal account.


State whether the following statement is True or False with reasons:

Drawings account is a nominal account.


State whether the following statement is True or False with reasons:

Goodwill account is a real account.


State whether the following statement is True or False with reasons:

Discount account is a nominal account.


Fill in the blank:

______ accounts are accounts of properties and assets.


Classify the following accounts under the types of Personal, Real and Nominal account:

Mr. Rohit’s capital A/c


Classify the following accounts under the types of Personal, Real and Nominal account:

Loose Tools A/c


Classify the following accounts under the types of Personal, Real and Nominal account:

Prepaid Expenses A/c


Classify the following account under the types of Personal, Real and Nominal account:

Freight A/c


Classify the following account under the types of Personal, Real and Nominal account:

Plant and Machinery A/c


Classify the following account under the types of Personal, Real and Nominal account:

Live Stock A/c


Classify the following account under the types of Personal, Real and Nominal account:

Loss on Sale of Furniture A/c


Classify the following account under the types of Personal, Real and Nominal account:

Loan A/c


Classify the following account under the types of Personal, Real and Nominal account:

Legal Expenses A/c


Classify the following account under the types of Personal, Real and Nominal account:

Fixed Deposit A/c


Classify the following account under the types of Personal, Real and Nominal account:

Audit Fees A/c


Classify the following account under the types of Personal, Real and Nominal account:

Trademark A/c


Classify the following account under the types of Personal, Real and Nominal account:

Loss by fire A/c


Classify the following account under the types of Personal, Real and Nominal account:

Motor Car A/c


Classify the following account under the types of Personal, Real and Nominal account:

GST A/c (Goods and Service Tax)


Classify the following account under the types of Personal, Real and Nominal account:

Office Equipment A/c


Classify the following account under the types of Personal, Real and Nominal account:

The stock of Stationery A/c


Classify the following account under the types of Personal, Real and Nominal account:

Indian Railways A/c


Classify the following account under the types of Personal, Real and Nominal account:

Dividend on Investment Advance A/c


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