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Question
State whether the following statement is True or False with reasons.
Income and Expenditure Account is Real Account.
Options
True
False
MCQ
One Line Answer
True or False
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Solution
Income and Expenditure Account is Real Account. - False.
Explanation:
In the Income and Expenditure Account, all the revenue incomes and expenses are recorded; therefore, it is a Nominal Account and not a real Account.
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Chapter 2: Accounts of ‘Not for Profit’ Concerns - Exercise 2.1 (Objective Type Questions) [Page 112]
