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Question
Income and Expenditure Account is a ______.
Options
Personal Account
Real Account
Nominal Account
Accrued Subscription
MCQ
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Solution
Income and Expenditure Account is a Nominal Account.
Explanation:
The Income and Expenditure Account is a Nominal Account because it adheres to the rule of nominal accounting, which states that "debit all expenses and credit all incomes".
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Preparation of Income and Expenditure Account
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