McqMate
Sign In
Hamberger menu
McqMate
Sign in
Sign up
Home
Forum
Search
Ask a Question
Sign In
McqMate Copyright © 2024
→
Bachelor of Business Administration in ...
→
Financial Accounting
→
Trading account is a _______ account
Q.
Trading account is a _______ account
A.
Personal
B.
Real
C.
Nominal
D.
Expenses
Answer» C. Nominal
958
0
Do you find this helpful?
1
View all MCQs in
Financial Accounting
Discussion
No comments yet
Login to comment
Related MCQs
Which of the following statements is/are true? (i) Drawings Account is a Nominal Account (ii) Capital Account is a Real Account (iii) Sales Account is a Nominal Account (iv) Outstanding salaries account is a Nominal Account (v) Patents Account is a Personal Account
Income and expenditure account is the ______ account of a non trading concern
A few errors committed in Ahhiwalia's books of account are given below. State which errors would affect the Trial Balance. (a) Sales of `950 to Ram completely omitted from books of account (b) Purchases of `720 from Shyam entered in the purchases journal as `700 (c) Purchases Journal is overcast by `1,000 (d) Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal's account (f) Bank overdraft shown under debit column in the Trial Balance (g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq (h) Wages paid for installation of machinery debited to wages account
In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is i. Debit Bills Receivable Account ii. Debit Drawee‘s Account iii. Credit Drawee‘s Account iv. Credit Sales Account
The balance of trading account is called
Balance of trading account is a transfer to
All ________ expenses are recorded in the trading account
The expenses and incomes pertaining to full trading period are taken to the Profit and Loss Account of a business, irrespective of their payment or receipt. This is in recognition of
The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account.
Trading account is a ____________account