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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
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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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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. 9) | पृष्ठ ४०

संबंधित प्रश्न

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

Name of the account which is debited when proprietor uses business money for personal use.


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:

Machinery Account is ______ account.


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

Goodwill is ______ asset.


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

Capital account is a real account.


Fill in the blank:

Land and Building account is ______ account.


Fill in the blank:

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


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Copyright A/c


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Patent A/c


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Prepaid Expenses A/c


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Commission Received A/c


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Freight A/c


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Plant and Machinery A/c


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Dividend on Investment Advance A/c


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

Raj & company A/c


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