{"id":59784,"date":"2024-04-16T01:43:20","date_gmt":"2024-04-16T01:43:20","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=59784"},"modified":"2024-04-16T01:43:20","modified_gmt":"2024-04-16T01:43:20","slug":"the-accounts-that-are-related-with-income-expenditure-profit-and-loss-are-called","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-accounts-that-are-related-with-income-expenditure-profit-and-loss-are-called\/","title":{"rendered":"The accounts that are related with income expenditure, profit and loss are called"},"content":{"rendered":"

[amp_mcq option1=”Real account” option2=”Nominal account” option3=”Personal account” option4=”None of the above” correct=”option2″]<\/p>\n

The correct answer is B. Nominal account<\/strong>.<\/p>\n

A nominal account is an account that is used to record income and expenses. It is a temporary account that is closed at the end of the accounting period. The balance of a nominal account is transferred to the profit and loss account, which is then used to calculate the net profit or loss for the period.<\/p>\n

A real account is an account that is used to record assets, liabilities, and equity. It is a permanent account that is not closed at the end of the accounting period. The balance of a real account is carried forward to the next accounting period.<\/p>\n

A personal account is an account that is used to record transactions with individuals or businesses. It is a permanent account that is not closed at the end of the accounting period. The balance of a personal account is carried forward to the next accounting period.<\/p>\n

Here is a table that summarizes the key differences between nominal, real, and personal accounts:<\/p>\n

| Account type | Purpose | Treatment at the end of the accounting period |
\n| — | — | — |
\n| Nominal account | Records income and expenses | Closed at the end of the accounting period and the balance is transferred to the profit and loss account |
\n| Real account | Records assets, liabilities, and equity | Not closed at the end of the accounting period and the balance is carried forward to the next accounting period |
\n| Personal account | Records transactions with individuals or businesses | Not closed at the end of the accounting period and the balance is carried forward to the next accounting period |<\/p>\n","protected":false},"excerpt":{"rendered":"

[amp_mcq option1=”Real account” option2=”Nominal account” option3=”Personal account” option4=”None of the above” correct=”option2″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-59784","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"\nThe accounts that are related with income expenditure, profit and loss are called<\/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\/the-accounts-that-are-related-with-income-expenditure-profit-and-loss-are-called\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The accounts that are related with income expenditure, profit and loss are called\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=”Real account” option2=”Nominal account” option3=”Personal account” option4=”None of the above” correct=”option2″]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/the-accounts-that-are-related-with-income-expenditure-profit-and-loss-are-called\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T01:43:20+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=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The accounts that are related with income expenditure, profit and loss are called","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\/the-accounts-that-are-related-with-income-expenditure-profit-and-loss-are-called\/","og_locale":"en_US","og_type":"article","og_title":"The accounts that are related with income expenditure, profit and loss are called","og_description":"[amp_mcq option1=”Real account” option2=”Nominal account” option3=”Personal account” option4=”None of the above” correct=”option2″]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/the-accounts-that-are-related-with-income-expenditure-profit-and-loss-are-called\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-16T01:43:20+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/the-accounts-that-are-related-with-income-expenditure-profit-and-loss-are-called\/","url":"https:\/\/exam.pscnotes.com\/mcq\/the-accounts-that-are-related-with-income-expenditure-profit-and-loss-are-called\/","name":"The accounts that are related with income expenditure, profit and loss are called","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-16T01:43:20+00:00","dateModified":"2024-04-16T01:43:20+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/the-accounts-that-are-related-with-income-expenditure-profit-and-loss-are-called\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/the-accounts-that-are-related-with-income-expenditure-profit-and-loss-are-called\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/the-accounts-that-are-related-with-income-expenditure-profit-and-loss-are-called\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"accounting","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/accounting\/"},{"@type":"ListItem","position":4,"name":"The accounts that are related with income expenditure, profit and loss are called"}]},{"@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\/59784","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=59784"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/59784\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=59784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=59784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=59784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}