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easyMCQCUET Accountancy 16 July Shift 22026CUET Accountancy
1 mark

Revaluation Account is a/an:

  1. A
    Real Account
  2. B
    Nominal Account
  3. C
    Personal Account
  4. D
    Capital Account

Solution & Step-by-step Explanation

Revaluation Account is a Nominal Account. It is prepared to find out the profit or loss arising due to the revaluation of assets and reassessment of liabilities at the time of reconstitution of a partnership firm. The golden rule for nominal accounts applies here: "Debit all expenses and losses, Credit all incomes and gains."

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Revaluation Account is a/an:
A
Real Account
B
Nominal Account
C
Personal Account
D
Capital Account

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