Question

Income and expenditure account is a ?
a) personal a/c
b) real a/c
c) nominal a/c
d) none of these
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Answer 1

Answer:

"The Income and Expenditure Account is a summary of all items of incomes and expenses which relate to the ongoing accounting year. It is prepared with the objective of finding out the surplus or deficit arising out of current incomes over current expenses. ... Income and Expenditure Account is a nominal account."

a) personal a/c

Answer 2

Answer:

option (c) Nominal a/c

"hope this helps!"