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WAEC Financial Accounting 1992 Question 24

Question 24

Double Entry and the Ledger

Impersonal real accounts include (I) expenditure on telephone (II) motor vehicles (III) expenses on telegram (IV) land and buildings

  1. A.I and II only
  2. B.III and IV only
  3. C.II and IV only
  4. D.I, II and III only
  5. E.I, II, III and IV only.
Show the answer and explanation

Answer: C (II and IV only)

Explanation

Real accounts are for things owned (assets) such as motor vehicles and land; telephone and telegram are nominal (expense) accounts.