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:

Prepaid Expenses A/c

MCQ

One Word/Term Answer

Prepaid Expenses A/c - Personal Account

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Chapter 2: Meaning and Fundamentals of Double Entry Book-Keeping - EXERCISE [Page 41]

Chapter 2 Meaning and Fundamentals of Double Entry Book-Keeping
EXERCISE | Q 6. 9) | Page 41

Answer in one sentence only:

State the meaning of Real 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:

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.

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:

Loan account is personal account.

Fill in the blank:

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

Fill in the blank:

Travelling expenses account is ______ type 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 account:

Loose Tools 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 account:

Patent A/c

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

Commission Received A/c