Q1 of 15 Page 157

Fill in the blanks with appropriate words in the following sentences:

The two accounts of “commenced business with cash are”_________ and ________.


Real account and Nominal account.

Explanation


Real account refers to the ledger account that records the assets that the firm possess. Nominal account refers to the accounts meant for the separate profit and losses accounts of the business. So these two accounts are totally concerned for business purposes.


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