Which of the following is a personal account? MCQ with Answer and Explanation

Question
Which of the following is a personal account?
A. Capital A/c
B. Discount A/c
C. Furniture A/c
D. Rent A/c
Answer: Option A
Solution (By JKSSB Mock Tests)
Capital account represents the proprietor, hence personal account. Others are nominal or real.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
A contra entry is passed in the:
A. Ledger
B. Trial Balance
C. Cash Book
D. Journal Proper
Discuss
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Correct Answer: Option C

Explanation:
Contra entries involve transactions between cash and bank columns and are recorded exclusively in the triple-column cash book.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Goods and Services Tax Network' (GSTN) is structured as:
A. Section 8 (not-for-profit) company
B. Public sector undertaking
C. Private limited company
D. Government department
Discuss
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Correct Answer: Option A

Explanation:
GSTN is a not-for-profit company under Section 8 of Companies Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Outstanding expenses in the balance sheet are shown under:
A. Current assets
B. Fixed liabilities
C. Contingent liabilities
D. Current liabilities
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Correct Answer: Option D

Explanation:
Outstanding expenses represent amounts payable within a short period, classified as current liabilities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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