Question

(1)
Outstanding repair account is :
(a)
Real Account
(b)
Personal Account
(c)
Nominal Account
(d)
None of the above​

Answer 1

Explanation:

outstanding repair account is

Answer 2

Answer: -

(a) Real account

Explanation: -

An outstanding repair account is a classic example of a real account. A real account or outstanding repair account is an account that retains and rolls forward its ending balance at the end of the year. These amounts become the beginning balances for the next cycle. Real accounts are not listed in the income statement.

All of the balances in the revenue, expense, gain, and loss cycles listed in the income diary are flushed out to be retained earnings at the end of each financial year, thereby resulting in zero balances in these accounts as of the beginning of the next financial year.  Since Retained earnings are in a real account, this means that the balances in all nominal accounts are eventually shifted into a real account.

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