Question

Q.4 State whether the following statements are True or False with reaso
1) Outstanding expense is nominal account.
2) Capital account is a real account.
3) Every debit has equal and corresponding credit.
4) Discount received is a nominal account.
5) Drawings account is a nominal account.
6) Outstanding salary is a nominal account.
7) Loan account is personal account.
8) Goodwill account is a real account.
9) Trade discount account is a nominal account.
10) Personal transactions of proprietor are recorded in the books of account of busines
11) Motor car account is a Real Account.
12) The rule of Nominal Account in Debit the receiver and Credit the giver.
13) Bank loan account is a Nominal account.
14) Assets = Capital + Liabilities
15) Trademark account is a personal account.​

Answer 1

Answer:

1.) False

2.) False

3.) True

4.) True

5.) False

6.) False

7.) True

8.) True

9.) True

10.) False

11.) True

12.) False

13.) False

14.) True

15.) False