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

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

Discount account is a nominal account.

MCQ

चूक किंवा बरोबर

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

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पाठ 2: Meaning and Fundamentals of Double Entry Book-Keeping - EXERCISE [पृष्ठ ४०]

पाठ 2 Meaning and Fundamentals of Double Entry Book-Keeping
EXERCISE | Q 4. 9) | पृष्ठ ४०

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

Accounts of Assets and Properties.

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

Every debit has corresponding ____________

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:

Drawings account 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:

Debit what comes in and credit what goes out is the rule of ______ account.

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 accounts:

Drawing A/c

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

Prepaid Rent A/c

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

Patent A/c

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

Prepaid Expenses A/c

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

Commission Received A/c