The 'Impersonal Accounts' are: MCQ with Answer and Explanation

Question

Share Report Error

The 'Impersonal Accounts' are:

A. Only real accounts

B. Real and nominal accounts

C. Personal accounts only

D. Only nominal accounts

Answer: Option B

Solution (By JKSSB Mock Tests)

Impersonal accounts include real accounts (assets) and nominal accounts (expenses, losses, incomes, gains).

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

Share Report

Under the 'Public Financial Management System' (PFMS), the 'Just-in-Time' fund release mechanism ensures:

A. Delayed payments

B. Release of funds only when needed, reducing idle funds

C. Manual processing

D. Advance payment to all

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Just-in-Time in PFMS releases funds just in time for expenditure, avoiding float and idle balances.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

Share Report

In single entry system, profit is generally determined by:

A. Comparing opening and closing capital

B. Cash book balance

C. Preparing Trading and P&L A/c

D. Trial balance

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Under single entry, incomplete records are used, and profit is often derived from the statement of affairs (net worth comparison) with adjustments.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

Share Report

Business loss can be carried forward for:

A. Indefinitely

B. 8 years

C. 16 years

D. 4 years

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Unabsorbed business loss can be carried forward for 8 assessment years immediately succeeding the assessment year in which loss was incurred.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Explore All Accountancy and Book Keeping MCQs