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WAEC Financial Accounting 1998 Question 13

Question 13

Double Entry and the Ledger

Which of the following is not a Nominal Account?

  1. A.Electricity Account
  2. B.Furniture and Fittings Account
  3. C.Postages and Telephone Account
  4. D.Insurance Account
  5. E.Discounts Allowed Account
Show the answer and explanation

Answer: B (Furniture and Fittings Account)

Explanation

Furniture and fittings is an asset (real account); the others are expenses (nominal).