State whether the following statement is True or False with reasons: Outstanding salary is a nominal account.

Question

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

Outstanding salary is a nominal account.

Options

True
False

MCQ

True or False

Solution

This statement is False.

Salary payable to an employee means an outstanding salary. As an employee (person) is involved, an outstanding salary is nothing but a personal account.

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Q 4. 6)Q 4. 5)Q 4. 7)

Chapter 2: Meaning and Fundamentals of Double Entry Book-Keeping - EXERCISE [Page 40]

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Balbharati Book Keeping and Accountancy [English] Standard 11 Maharashtra State Board

Chapter 2 Meaning and Fundamentals of Double Entry Book-Keeping
EXERCISE | Q 4. 6) | Page 40

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