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

Discount account is a nominal account.

विकल्प

  • True

  • False

MCQ
सत्य या असत्य

उत्तर

This statement is True
Discount is a gain earned by the proprietor at the time of sale. Hence it is a nominal 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]

APPEARS IN

बालभारती Book Keeping and Accountancy [English] 11 Standard Maharashtra State Board
अध्याय 2 Meaning and Fundamentals of Double Entry Book-Keeping
EXERCISE | Q 4. 9) | पृष्ठ ४०

संबंधित प्रश्न

Answer in one sentence only.

What is an Account?


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

The Assets which cannot be seen, touched or felt.


Select the most appropriate alternatives from the given below and rewrite the statement:

Radha's Account is a type of ______ account.


Select the most appropriate alternatives from the given below and rewrite the statement:

Machinery Account is ______ account.


Select the most appropriate alternatives from the given below and rewrite the statement:

Prepaid expenses is ______ account.


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

Discount received is a nominal account.


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

Motor car account is a Real Account.


Fill in the blank:

Increase in capital is credited and decrease in capital is ______


Fill in the blank:

Land and Building account is ______ account.


Fill in the blank:

Laptop account is a ______ account.


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Mr. Rohit’s capital A/c


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Cartage A/c


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Prepaid Rent A/c


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Patent A/c


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

Prepaid Expenses A/c


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Live Stock A/c


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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:

Motor Car A/c


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


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Dividend on Investment Advance A/c


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Repairs A/c


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

Royalty A/c


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