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Any Nominal Account Head prefixed or suffixed by the terms outstanding, prepaid, still receivable, etc., is a Personal Account. True or False?

Accounting Cost Accounting Financial Accounting
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Question added by VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.
Date Posted: 2014/09/08
Upvote (7) Views (3) Followers (8) Answers (3) Report Question
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SREEDEVI SUNILKUMAR
by SREEDEVI SUNILKUMAR , Business finance officer , Emirates Airline

True

Khaled Mohee Eldeen Abbas Mahmoud
by Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed

yes true. nominal account is related to expenditure / loss or income / gain

Kumar Thenuwara
by Kumar Thenuwara , Executive Secretary , Al Sulaiman Inter Market International

False

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