Commerce · Q50

Costing

Graduate and Post Graduate · Commerce · question 50

Q50

Contract a/c is _______.

A.

a nominal a/c

Answer

B.

a real a/c

C.

a personal a/c

D.

either nominal or real a/c

Answer: Option A

Solution

Answer: Option A

Solution:

Contract a/c is a nominal a/c. Nominal Accounts are accounts related and associated to losses, expenses, income or gains.

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