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Personal Account, Impersonal Account, And Real And Nominal Account - SS1 Accounting Past Questions and Answers - page 1

1

Which of the following is an example of a personal account?

A

Depreciation account

B

Bank account

C

Inventory account

D

Rent expense account

correct option: b
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2

Which of the following is an example of an impersonal account?

A

Customer account

B

Accounts payable account

 

C

Sales account

D

Accounts receivable account

correct option: c
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3

Which of the following is an example of a real account?

A

Rent expense account

 

B

Sales account

C

Accounts payable account

D

Equipment account

correct option: d
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4

Which of the following is an example of a nominal account?

A

Bank account

B

Depreciation account

C

Inventory account

D

Interest income account

correct option: d
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5

Which type of account is used to keep track of transactions involving individuals or organizations?

A

Real account

B

Nominal account

 

C

Personal account

D

Impersonal account

correct option: c
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6

What is a personal account and give an example of one?

A personal account is an account that relates to a person or entity. An example of a personal account is a bank account.

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7

What is the difference between a real account and a nominal account?

A real account is used to keep track of transactions that involve physical items, such as assets, liabilities, and equity. A nominal account is used to keep track of transactions that relate to expenses, revenues, gains, and losses.

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