Book Keeping & Accountancy

Commission received is Nominal Account.

• True
• False

Outstanding wages is a Nominal Account.

• True
• False

Bank of India is an example of Real Account.

• True
• False

An order placed for the goods, entry is recorded in the books of accounts.

• True
• False

Every transaction has only one effect.

• True
• False

Double entry system is a scientific method of book-keeping.

• True
• False

Conventional system of accounting cannot give a complete picture of all transactions.

• True
• False

Transactions affecting cash balance only are recorded in the books of accounts.

• True
• False

Ram’s account is a real account.

• True
• False

Discount received is a personal account.

• True
• False