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WAEC Financial Accounting 1997 Question 24

Question 24

Double Entry and the Ledger

A real account is the account of

  1. A.expenses or losses
  2. B.gains or income
  3. C.physical tangible items
  4. D.fictitious items
  5. E.current liabilities.
Show the answer and explanation

Answer: C (physical tangible items)

Explanation

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