{"id":55138,"date":"2024-04-16T00:22:16","date_gmt":"2024-04-16T00:22:16","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=55138"},"modified":"2024-04-16T00:22:16","modified_gmt":"2024-04-16T00:22:16","slug":"contract-a-c-is-_______","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/contract-a-c-is-_______\/","title":{"rendered":"Contract a\/c is _______."},"content":{"rendered":"<p>[amp_mcq option1=&#8221;a nominal a\/c&#8221; option2=&#8221;a real a\/c&#8221; option3=&#8221;a personal a\/c&#8221; option4=&#8221;either nominal or real a\/c&#8221; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>A. a nominal account<\/strong><\/p>\n<p>A nominal account is an account that records expenses and revenues. It is a temporary account that is closed at the end of the accounting period.<\/p>\n<p>A real account is an account that records assets, liabilities, and equity. It is a permanent account that is not closed at the end of the accounting period.<\/p>\n<p>A personal account is an account that records the transactions between a business and its customers, suppliers, and employees. It is a permanent account that is not closed at the end of the accounting period.<\/p>\n<p>A contract account is a type of nominal account that records the costs and revenues associated with a contract. It is a temporary account that is closed at the end of the accounting period.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li><strong>A. a nominal account<\/strong> is an account that records expenses and revenues. It is a temporary account that is closed at the end of the accounting period. Examples of nominal accounts include sales, cost of goods sold, and expenses.<\/li>\n<li><strong>B. a real account<\/strong> is an account that records assets, liabilities, and equity. It is a permanent account that is not closed at the end of the accounting period. Examples of real accounts include cash, accounts receivable, and accounts payable.<\/li>\n<li><strong>C. a personal account<\/strong> is an account that records the transactions between a business and its customers, suppliers, and employees. It is a permanent account that is not closed at the end of the accounting period. Examples of personal accounts include accounts receivable and accounts payable.<\/li>\n<li><strong>D. either nominal or real account<\/strong> is not a correct answer because a contract account is a type of nominal account.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;a nominal a\/c&#8221; option2=&#8221;a real a\/c&#8221; option3=&#8221;a personal a\/c&#8221; option4=&#8221;either nominal or real a\/c&#8221; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[952],"tags":[],"class_list":["post-55138","post","type-post","status-publish","format-standard","hentry","category-costing","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Contract a\/c is _______.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/contract-a-c-is-_______\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Contract a\/c is _______.\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;a nominal a\/c&#8221; option2=&#8221;a real a\/c&#8221; option3=&#8221;a personal a\/c&#8221; option4=&#8221;either nominal or real a\/c&#8221; correct=&#8221;option1&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/contract-a-c-is-_______\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T00:22:16+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Contract a\/c is _______.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/contract-a-c-is-_______\/","og_locale":"en_US","og_type":"article","og_title":"Contract a\/c is _______.","og_description":"[amp_mcq option1=&#8221;a nominal a\/c&#8221; option2=&#8221;a real a\/c&#8221; option3=&#8221;a personal a\/c&#8221; option4=&#8221;either nominal or real a\/c&#8221; correct=&#8221;option1&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/contract-a-c-is-_______\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-16T00:22:16+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/contract-a-c-is-_______\/","url":"https:\/\/exam.pscnotes.com\/mcq\/contract-a-c-is-_______\/","name":"Contract a\/c is _______.","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-16T00:22:16+00:00","dateModified":"2024-04-16T00:22:16+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/contract-a-c-is-_______\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/contract-a-c-is-_______\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/contract-a-c-is-_______\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"Costing","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/costing\/"},{"@type":"ListItem","position":3,"name":"Contract a\/c is _______."}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/55138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=55138"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/55138\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=55138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=55138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=55138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}