Q13.Nominal Accounts are related to:
(1)Assets and Liabilities.
(2) Expenses and Revenue.
(3) Debtors and Creditors.
(4) None of these.
Answer
Expenses and Revenue.
Related Questions on Introduction to Accounting
Q14.Modern system of bookkeeping is
(1)Single entry system
(2) Double entry system
(3) British system
(4) None of these
Answer
Double entry system
Q15.Goodwill is an
(1)Tangible Asset.
(2) Intangible Asset.
(3) Current Asset.
(4) Fictitious Asset.
Answer
Intangible Asset.
Q16.Goods taken by the proprietor for personal use is
(1) Sale.
(2) Drawings.
(3) Purchase.
(4) None of these.
Answer
Drawings.