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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
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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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  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] Standard 11 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 Personal Account?


Answer in one sentence only:

State the meaning of Real Account.


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

Accounts of Assets and Properties.


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Radha's Account is a type of ______ account.


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Machinery Account is ______ account.


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Goodwill is ______ asset.


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Prepaid expenses is ______ account.


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Travelling expenses account is ______ type of Account


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______ accounts are accounts of properties and assets.


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Loss on Sale of Furniture A/c


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Legal Expenses A/c


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Fixed Deposit A/c


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Income Receivable A/c


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Income tax A/c


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Discount A/c


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

Repairs A/c


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