Income and Expenditure Account is
(A) Property account
(B) Personal Account
(C) Nominal Account
(D) Capital Account
Correct Answer : Nominal Account
Question Asked : SSC Junior Engineer (Civil) Exam 2018
Explanation : Accounts which are related to expenses, losses, incomes or gains are called Nominal accounts. The final result of all nominal accounts is either profit or loss which is then transferred to the capital account. Personal accounts are related to individuals, firms, companies, etc.
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