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JAMB Principles of Accounts 2010 Question 6

Question 6

Double Entry and the Ledger

The account which refers to the tangible assets of a company that is of permanent nature is the

  1. A.personal account
  2. B.real account
  3. C.nominal account
  4. D.cash account.
Show the answer and explanation

Answer: B (real account)

Explanation

Real accounts record property and assets such as land, buildings and machinery.