Contract a c is ........

Costing - Phase (I & II) Basics of Cost Control and Analysis

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Contract a/c is _______.

a nominal a/c

a real a/c

a personal a/c

either nominal or real a/c

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Explanation:

Contract a/c is a nominal a/c. Nominal Accounts are accounts related and associated to losses, expenses, income or gains.In accounting, nominal accounts are the general ledger accounts that are closed at the end of each accounting year.As a result, the nominal accounts are also referred to as temporary accounts. The closing process also means that each nominal account will start the next accounting year with a zero balance.

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