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Goodwill Account is a/ an
Personal Account
Real Account
Nominal Account
Expense AccourA
- Personal Account: This relates to individuals, companies, or organizations, representing people you can interact with in transactions.
- Real Account: Includes all tangible and intangible assets. Goodwill is an intangible asset, hence classified under this account type. This account deals with assets and liabilities.
- Nominal Account: Focuses on revenues, expenses, profits, and losses. These accounts are closed at the end of each accounting period.
- Expense Account: A subset of nominal accounts, representing costs incurred for business operations.
Correct Answer: Real Account
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