A book wherein various accounts are opened is called____________?

A. Subsidiary books
B. Journal
C. Ledger
D. Trial balance

Which of the following is the closing balance of a ledger account?

A. Balance c/d
B. Balance b/d
C. Balance e/d
D. Balance f/c

Which of the following accounts are closed at the end of an accounting period?

A. Nominal accounts
B. Balance sheet accounts
C. Real accounts
D. None of them

Which of the following is a real account?

A. Office equipment
B. Rent expenses
C. Rent income
D. Insurance expense

___________ helps business to classify transactions according to their nature?

A. General journal
B. Real accounts
C. Ledger accounts
D. Cash accounts

Building account is classified as _________ account?

A. nominal
B. real
C. cash
D. capital

The real accounts are accounts of Assets, liabilities and ___________?

A. expenses
B. revenues
C. capital
D. drawing

Revenue and expense accounts are referred as______________?

A. Nominal accounts
B. Real account
C. Cash accounts
D. Banks account

Which of the following is the normal balance of a rent expense account?

A. credit balance
B. cash balance
C. overdraft
D. debit balance

Which of the following statements is incorrect regarding capital account?

A. Debit increases the capital account balance
B. Credit increases the capital account balance
C. Fresh capital increases the capital account balance
D. Net income increases the capital account balance