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WAEC Financial Accounting 2013 Question 45

Question 45

Double Entry and the Ledger

Stock account is a type of

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

Answer: C (real account.)

Explanation

Stock is a tangible thing the business owns, so its account is a real account.