Multiple choice

What type of account is Vikas and Co. account?

  1. Personal account

  2. Real account

  3. Capital account

  4. None of these

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A Correct answer
Explanation

Accounts representing firms, companies, or individuals are Personal accounts. Vikas and Co. represents a business entity, so it's a Personal account. Real accounts are for assets, Nominal accounts are for expenses/incomes/gains/losses. The name ending with 'and Co.' indicates it's a firm account.