Question

17.Revaluation account is a
a)real account
b)personal account
C)nominal account
d)none of the above
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Answer 1

Answer:

nominal account

Explanation:

Revaluation account is a nominal account. ... Revaluation account is opened by the firm to record the gains and losses arising from revaluation of assets and reassessment of liabilities at the time of reconstitution of the firm. Hence, the output is either a profit or a loss, so it is a nominal account.