Question

Machinery Account is
(a) Personal (b) Real
(c) Nominol (d) None of these

Answer 1

Answer:

Machinary Account is Real account.

Answer 2

Answer:

Real

Explanation:

• Real accounts are the ledger accounts that have transactions pertaining to the assets and liabilities of the company.
• This type of accounts includes both direct and indirect accounts, such as those for machinery, structures, property, patent rights, etc.
• A real account is what an asset account is known as. Two categories of assets exist: Assets that can be touched include things like stock, currency, furniture, machinery, and plants. Non-touchable assets like goodwill, patents, copyrights, etc. are examples of intangible assets.
• A genuine account is one that, at the conclusion of the year, retains or rolls forward with its ending balance.
• An account that stores accounting transactions for a single fiscal year is referred to as a nominal account.

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