Question

Income and Expenditure Account is a \(\underline{\hspace{1cm}}\).

Hint:

Nominal Accounts relate to incomes, expenses, and losses, and are closed at the end of the period.

Answer 1

Step 1: Define the type of account.
The Income and Expenditure Account is a type of Nominal Account because it deals with incomes and expenses, which are temporary in nature.

Step 2: Evaluate the options.
- Nominal Account: Correct, as it deals with incomes and expenditures. - Real Account: Deals with assets and liabilities. - Personal Account: Deals with individuals or entities. - Mixed Account: A combination of the above types.

Step 3: Conclusion.
Therefore, Income and Expenditure Account is a Nominal Account.

Final Answer: \[ \boxed{Nominal \; Account} \]