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Financial Accounting MCQs

Which of the following is wrong?

April 23, 2022
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Which of the following is wrong?

Q. Which of the following is wrong?

A.            Rent is a personal account, outstanding rent is nominal account

B.            All real and personal accounts are transferred to balance sheet

C.            Nominal accounts are transferred to P &L account

D.            Each account is opened separately in ledger

Answer: Rent is a personal account, outstanding rent is nominal account

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