Types Of Accounts

Step 1: Analyze the accounts.
- Wages, Salary, and Royalty are all related to expenses or incomes in the Profit and Loss Account, representing payments or receipts related to operational activities. - Import Duty, on the other hand, is related to a liability or a cost to be paid to the government for importing goods, making it different from the others.

Step 2: Conclusion.
Therefore, the odd one out is Import duty account, as it represents a different type of expense compared to the others.

Final Answer:

Step 1: Analyze the accounts.
- General reserve, Machinery, and Capital accounts represent long-term items (reserves and assets). - Creditors account represents a liability, which is a short-term obligation.

Step 2: Conclusion.
Therefore, Creditors account is the odd one out, as it represents a liability, whereas the others represent long-term items.

Final Answer:

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: