Commerce Exam > Commerce Questions > Furniture is personal nominal or real ac?
Start Learning for Free
Furniture is personal nominal or real ac?
Most Upvoted Answer
Furniture is personal nominal or real ac?
Furniture is a tangible asset so it is real account.The account of all those things whose values can be measured in term of money and which are the properties of business are termed as a real accounts.
Community Answer
Furniture is personal nominal or real ac?
Is Furniture Personal Nominal or Real AC?
Furniture is a fundamental component of any living arrangement, and it is essential to know whether it is personal nominal or real AC. Personal, nominal, and real are terms used in economics to classify types of goods, and they have different characteristics.
Personal Goods
Personal goods refer to products that are intended for personal use, such as clothing, shoes, and jewelry. They are usually bought for their aesthetic or functional value, and the buyer's preferences play a significant role in their purchase decision. Furniture, on the other hand, is not considered a personal good because it is often intended for communal use and is not solely for personal use.
Nominal Goods
Nominal goods refer to products that are not tangible and have no intrinsic value, such as stocks, bonds, and currencies. They are usually used for investment purposes, and their value is determined by market demand and supply. Furniture is not a nominal good because it has a tangible form and has intrinsic value.
Real Goods
Real goods refer to products that have a tangible form and an intrinsic value, such as food, clothing, and electronics. Unlike nominal goods, the value of real goods is not determined by market demand and supply but by the cost of production. Furniture is considered a real good because it has a tangible form and an intrinsic value, and its value is determined by the cost of production.
Conclusion
In conclusion, furniture is a real good because it has a tangible form and an intrinsic value, and its value is determined by the cost of production. It is not a personal good because it is intended for communal use, and it is not a nominal good because it has intrinsic value and is not intangible.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
Furniture is personal nominal or real ac?
Question Description
Furniture is personal nominal or real ac? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Furniture is personal nominal or real ac? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Furniture is personal nominal or real ac?.
Furniture is personal nominal or real ac? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Furniture is personal nominal or real ac? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Furniture is personal nominal or real ac?.
Solutions for Furniture is personal nominal or real ac? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of Furniture is personal nominal or real ac? defined & explained in the simplest way possible. Besides giving the explanation of
Furniture is personal nominal or real ac?, a detailed solution for Furniture is personal nominal or real ac? has been provided alongside types of Furniture is personal nominal or real ac? theory, EduRev gives you an
ample number of questions to practice Furniture is personal nominal or real ac? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup