Question

NATURE OF REVALUATION ACCOUNT IS NOMINAL. true or false​

Answer 1

Answer:

True

Explanation:

On the other hand revaluation account implies an account opened by the firm to keep a record of gains or losses, when assets are revalued, and liabilities are reassessed, on reconstitution of the firm. So, in both the cases the output is either profit or loss. Hence it is a nominal account.

Answer 2

Answer:

True

Explanation:

Revaluation A/c has a nature of Nominal A/c

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