Commerce Exam > Commerce Questions > Proprietor accounta)Personalb)Realc)Nominald)...
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Proprietor account
- a)Personal
- b)Real
- c)Nominal
- d)None of the above
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Proprietor accounta)Personalb)Realc)Nominald)None of the aboveCorrect ...
A: Personal is the correct answer. Proprietor's account is a type of personal account in accounting that represents the owner's personal investments in the business and the profits or losses that the owner has earned from the business. The proprietor's account is used to track the owner's financial interest in the business and to determine the owner's net income or loss from the business.
B: Real accounts are accounts that represent assets or liabilities that are tangible, such as cash, inventory, and equipment.
C: Nominal accounts are accounts that represent expenses and revenues, such as salaries, rent, and utilities.
D: None of the above is not a valid answer in this context.
Most Upvoted Answer
Proprietor accounta)Personalb)Realc)Nominald)None of the aboveCorrect ...
Correct Option is (d)
Although having two bank accounts appears inconvenient, you shouldn't use a personal account for your business finances primarily because it can affect your legal liability. In fact, one of the first steps to owning a business should be opening a business bank account, in addition to a personal bank account.
Although having two bank accounts appears inconvenient, you shouldn't use a personal account for your business finances primarily because it can affect your legal liability. In fact, one of the first steps to owning a business should be opening a business bank account, in addition to a personal bank account.
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Proprietor accounta)Personalb)Realc)Nominald)None of the aboveCorrect ...
A: Personal is the correct answer. Proprietor's account is a type of personal account in accounting that represents the owner's personal investments in the business and the profits or losses that the owner has earned from the business. The proprietor's account is used to track the owner's financial interest in the business and to determine the owner's net income or loss from the business.
B: Real accounts are accounts that represent assets or liabilities that are tangible, such as cash, inventory, and equipment.
C: Nominal accounts are accounts that represent expenses and revenues, such as salaries, rent, and utilities.
D: None of the above is not a valid answer in this context.
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Proprietor accounta)Personalb)Realc)Nominald)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
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Proprietor accounta)Personalb)Realc)Nominald)None of the aboveCorrect answer is option 'A'. Can you explain this answer? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Proprietor accounta)Personalb)Realc)Nominald)None of the aboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Proprietor accounta)Personalb)Realc)Nominald)None of the aboveCorrect answer is option 'A'. Can you explain this answer?.
Proprietor accounta)Personalb)Realc)Nominald)None of the aboveCorrect answer is option 'A'. Can you explain this answer? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Proprietor accounta)Personalb)Realc)Nominald)None of the aboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Proprietor accounta)Personalb)Realc)Nominald)None of the aboveCorrect answer is option 'A'. Can you explain this answer?.
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